Atletico Mineiro isn’t the only team that BMG Bank sponsors. Guimarães decided to sponsor other teams as well as some of the best football players in Brazil. Guimarães didn’t want BMG Bank to appear partial to one particular team, and his strategy worked. BMG Bank gets a lot of television exposure on game days, and thanks to that exposure BMG Bank is known as the bank that loves football. BMG Bank is considered the top sponsor of Brazilian football, and the bank has grown from Guimarães decision to use sports to market his bank products.
The main product that BMG Bank likes to promote to football fans is their payroll loan product. BGM Bank’s payroll loans are well-known because football fans want to do business with other football lovers. BMG Bank received a massive amount of exposure from football, so Guimarães decided to buy two other banks in order to keep up with the demand. The GE Money Brazil and Schahin Bank are now part of BMG Bank. The payroll loan business, as well as automobile financing, are the main products that have put BMG Bank in a very profitable position thanks to football sponsorships and the acquisition of the two banks.
The consignment credit business in Brazil is a $R123 billion business. Thanks to Ricardo Guimarães leadership, and his love of sports, BMG Bank is now the second most profitable bank in Brazil. According to an article published by R7.com, BMG Bank has a major share of the consignment credit business. More Brazilians are taking advantage of payroll loans because the interest rate is lower, and the loans are guaranteed by their income. The default rate on payroll loans is lower because the borrower’s pay back the loans through payroll deductions.
BMG Bank continues to grow thanks to Guimarães and his team of bankers that wear football jerseys on certain bank days to promote football teams and payroll loans.