Daily archives "January 8, 2018"

Ricardo Guimaraes: Leading the Banco BMG to Success

Flavio Pentagna Guimaraes is one of the legendary entrepreneurs in the history of Brazil. He established a financial institution when he was younger, and called it the Banco BMG. This bank soon became one of the largest banks in the country, and they are known all throughout Brazil because of the financial services that they offer to the public. Their most famous service would be loan service, and most of the Brazilians go to Banco BMG to get a loan. The people of Brazil liked their products and services because of its low-interest rates, and a more extended payment deadline. The public can also get more loans from Banco BMG compared to other financial institutions. Through the years, Flavio Pentagna Guimaraes grew older, and he would have to choose his successor who would inherit his business. He has selected Ricardo Guimaraes to follow his footsteps because he has seen the qualities of a good leader in him. He entrusted the whole company to his heir after he decided to retire from managing the Banco BMG.

Under the leadership of Ricardo Guimaraes, the company experienced continuous growth, and their company value also rose. However, other financial institutions became aggressive in making their company the leading institutions in the industry, and soon after, Banco BMG fell behind its competitors. Ricardo Guimaraes felt the need to act as quickly as possible so that the company can get back on track. What he first did when their numbers started to fall behind their competitors was to hold a corporate meeting, and he discussed with some of the executives what he thinks would be the best for the company. Ricardo Guimaraes was talking about a company restructure, and because of how he explained the process perfectly to all of those who were attending the meeting, all of them agreed to his decision, and the process went ahead. He even sacrificed his position – he does not mind being replaced as the Banco BMG’s president, and went ahead and did the restructuring process.

In the end, Ricardo Guimaraes was replaced with another executive who is fit to become the next company president, but his sacrifice managed to save the company. Aside from restructuring the Banco BMG, he also signed deals with Itau Unibanco for cooperation and other business related deals. It has put Banco BMG to the top, and they managed to get back on track and become one of the most reliable banks in Brazil.

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