Bmg’s mission is to popularize financial services in Brazil, and, to this end, we offer products that effectively help people at different moments in their lives. Our 91 years of history imbued us with more than expertise and reliability; they have enabled us to be modern and innovative, to reinvent processes and anticipate demands. Have a look at our history:
Decade of 30
1930 – Our history began in 1930, when the Guimarães Family entered the financial world with the creation of Banco de Crédito Predial S.A. (later renamed Banco de Minas Gerais S.A.), to operate as a commercial bank, offering products to individuals and companies.
Decade of 60
1962 – We created the acronym Bmg.
1965 – We created Argento S.A. Crédito, Financiamento e Investimento (which was the origin of our current CNPJ tax registration number).
Decade of 70
1971 – We changed the name of Argento to Bmg Financeira S.A. – Crédito, Financiamento e Investimento.
We created Bmg Leasing with the objective of focusing on financing light and heavy vehicle, and we quickly became a leader in the sector.
Decade of 80
1988 – We discontinued being a finance company and transformed ourselves into a multiple bank.
1989 – We changed our name to Banco Bmg S.A.
Decade of 90
1998 – We are one of the pioneers in the granting of payroll loans to public sector employees and a forerunner in the third-party bank correspondents’ channel, enabling the offer of democratic credit throughout the country.
Decade of 00
2001 – We created Bmg Bank (Cayman) Limited, as our wholly owned subsidiary in the Cayman Islands.
2002 – In search of funding adjusted to the asset profile, we structured our first securitization program through FIDCs.
2004 – We were the first medium-sized bank to enter into a credit assignment agreement, diversifying our sources of funding and accessing the interbank market with a new product.
2005 – We became leaders in the payroll loan market.
We also invested in the creation of the payroll credit card: a democratic card, with reduced interest rates compared to conventional credit cards, and accessible to the Brazilian population.
We conduct our first external funding through a Eurobond issue in the MTN Programme.
2009 – We issued our first subordinated debt in the foreign market.
2011 – We acquired all shares of GE Money in Brazil (currently Banco Cifra) and Banco Shahin (currently BCV).
2012 – In July, we join Itaú Unibanco to create a new bank focused exclusively on payroll loans (Banco Itaú Bmg Consignado S.A.), owning 30% of total and voting capital and Itaú with the remaining 70%.
2013 – Banco Itaú Bmg Consignado S.A.’s operations effectively began in February and payroll loan production levels rises, reaching record levels.
In September we moved our headquarters to the city of São Paulo.
2014 – Developing the agreement with Itaú Unibanco, we announced the unification of the payroll loans at Banco Itaú Bmg Consignado S.A.. In counterpart, we increased our stake in the capital to 40%.
2015 – With the creation of the exclusive margin for the payroll credit card for retirees and pensioners of the INSS in September, we started to operate in the INSS agreement and in October we were already market leader in this segment.
2016 – With the strategy of expanding our product portfolio, we launched the Direct Debit Loan: emergency personal credit with de installments deducted from the current account, exclusively for INSS retirees and pensioners and public employees.
We created a new distribution channel, the “help! credit store”, a franchise network, specializing in the low-income market financial services, with an one-stop shop concept. The essence of help! is technology, through the tech-touch model.
We created Bmg Seguros, one of the largest insurance company in Brazil in the Surety Bond segment.
We entered into a 20-year partnership with Generali for exclusive distribution of mass insurance products to our clients.
At the end of the year, we sold to Itaú our 40% stake in Banco Itaú Bmg Consignado and we signed a 10-year exclusive partnership allowing Itaú Consignado to sell payroll loans through our help! channel.
2017 – We entered in the digital world with the launch of an investment platform, Bmg Invest Digital, allowing clients to make investments 100% digitally.
2018 – We acquired 65% of the Pago Cartões (renamed to Granito) credit card sub-acquirer, a Brazilian technology company specialized in the means of payment segment.
In October, in complement to the existing distribution channels, we launched our digital bank, in line with our PHYGITAL (physical + digital) strategy, combining technology and human sensitivity to offer our customers the best experience.
2019 – In January, we developed our first partnership through the digital bank’s white label designed for soccer clubs, bringing the passion of the fans for their team.
In July, we launched Poupa pra Mim, a virtual piggy bank that offers a simpler way to save money.
As part of the multi-product business model, we resumed operating directly in the payroll loan segment in the third quarter.
In October, we held our initial public offering (IPO) and joined the Level 1 of Corporate Governance of the B3 S.A. – Brasil, Bolsa, Balcão stock exchange. With the offer, we raised a total of R$ 1,391 million, of which R$ 1,200 million was earmarked for capital increase.
In November, we sold 30% of the share capital of Bmg Seguros to Generali, strengthening our relationship with Generali and unlocking value in this operating segment.
2020 – We launched a number of benefits for our clients: Volta para Mim, a cashback program in the use of our debit or credit cards; the Digital Bank for Retail Companies, in line with the strategy of offering complete banking services to micro and small entrepreneurs; a marketplace of credit, in partnership with Creditas, offering credit using real estate and vehicles as collateral; PIX implementation permitting new credit and collection opportunities; and a new marketplace of products experience, with discounts offered by a variety of products and partner stores.
In July, we turned 90! We’ve redesigned our brand, positioning ourselves as an agile, technological bank replete with advantages focused on its clients’ needs.
In August, we entered into a partnership with Wiz, in which the company acquired 40% of the capital stock of Bmg Corretora, our indirect subsidiary, with a view to leveraging insurance sales and adding new products and technology for the needs of our clients and relationship channels.
In December, we announced the purchase of 30% of Raro Labs, a company specialized in the development and maintenance of customized software and innovative solutions. The acquisition expands the potential for technological innovations for Bmg, speeding up the development of digital transformation projects and new business opportunities.
2021 – In March, we entered into a partnership with Banco Inter, in which each one started to hold a 45% stake in Granito, while Granito’s founding partners hold the remaining 10%. The partnership aims to maximize means of payment opportunities for digital services.
In August, we started our first partnership with a retailer in order to finance consumption. The partnership allows us to access a client profile that has a specific purpose in the search for this credit or means of payment and also has a greater potential for profitability in view of its consumption objective.
Also in August, we launched the anticipation for FGTS anniversary withdrawal, a product with great growth potential. Corroborating with our strategy of being an increasingly more complete bank, the target customers have a more digital self-service profile and high cross-sell potential.
In September, we successfully completed our first issuance of Public Financial Bills in the amount of R$ 300 million for a term of 2 years with strong demand and remuneration of CDI + 1.80% p.a., equivalent to the floor remuneration in the range stipulated;
In October, taking another step in our strategic focus of creating an ecosystem of startups aimed at generating value, we announced our intention to acquire an equity stake in O2OBOTS, a fintech that develops, licenses and maintains specialized chatbot software with artificial intelligence for the sale of financial and insurance products. The conclusion of the operation is pending conversion into shares.
We ended the year with 9.1 million clients, growth of 50.5% in the last twelve months, in accordance with the Central Bank’s methodology. Furthermore, we increased the number of accounts by 2.4 times in the last twelve months, reaching 6.3 million digital accounts in December, with growth in transactional indicators and use of the digital bank throughout the year.
2022 – In January, we acquired 50% of AF Controle S.A., a holding company that owns the equity interest in Araújo Fontes Consultoria and Negócios Imobiliários Ltda. and AF Invest Administração de Recursos Ltda. The acquisition aims to bring dedicated expertise to broaden the product and service offering to accelerate the growth of the wholesale business. It also creates the asset management segment, with a high-value proposition to attract new customers to the digital bank, thus broadening the sources of funding.
In April, we concluded our 2nd Issuance of Public Financial Bills in the amount of more than R$300 million raised with a wide range of institutional investors for a term of 2 years, with remuneration of CDI + 1.80% p.a..
In May, following up on our strategic focus of creating an ecosystem of startups aimed at generating value, we announced our intention to acquire an equity stake in iCertus, enterprise resource planning (ERP), which operates as SaaS and offers credit to small and medium-sized companies. The conclusion of the operation is pending BACEN approval.