Chris Holden

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by Chris Holden - December 17th, 2015.
Filed under: Banks, Brazil, Business.

MARCIO ANNOUNCES THE BMG AND ITAU BANK PARTNERSHIP TO FORM THE NEW ITAU BANK

 

According to Em.com.br, in a rare and unexpected twist of events, the BMG bank has announced the new partnership with the ITAU bank that will create the new ITAU BMG bank. The bank was in initial discussions with the Bradesco and BTG banks before the call from ITAU CEO changed the course of discussions. The initial discussions involved the total purchase, but the ITAU bank presented a partnership offer that would benefit the two banks. Under the arrangement, the BMG customer database will remain unchanged, and both banks will forward their clients to the new bank.

 

The announcement was made by BMG’s vice president Mr. Marcio Alaor. Under the partnership, the new bank will advance payroll credit services to the untapped private sector. The majority of the banks in Brazil focused on the civil servants and disciplined forced for consignment credit service. The BMG bank will now take advantage of its extensive network distributed in almost every municipality in Brazil.

 

The new bank will be funded R $1 billion to start operations. The BMG bank will offer the R 300 million, and ITAU bank will provide the remaining R 700 million. The ITAU bank is the fifth largest bank in Brazil on the other hand; the BMG bank is the leading consignment credit provider in the industry. The partnership of the two banks will be a force to reckon with in the Brazilian banking sector.

 

Due to the current economic crises in Brazil, Marcio acknowledges that both banks will result in outsourcing funds to support the new bank. The new bank will operate exclusively in discount payroll lending. The BMG bank will, therefore, have the time to concentrate on the current operations. The new bank will be operational in the next 90 days.

 

According to the BMG vice president Marcio Alaor, the partnership will benefit both banks in the market. The initial discussions that offered total purchase of BMG would have completely merged the banks to stop operation under the registered BMG trademark. Alaor is an experienced market analyst with various blogs of economic importance. He is also honored for his philanthropic projects to the community to improve the overall social and educational status of the society. Marcio is a talented team leader whose management experience has propelled BMG to achieve its growth goals. He is also active soccer supporter with BMG over passing the traditional sponsors of Brazil soccer like Coca-Cola and Adidas.

You can learn more about him by visiting his wikipedia.

 

 

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