Our History

Bmg’s mission is to popularize financial solutions in Brazil, and, to this end, we offer products that effectively help people at different moments in their lives. Our 90 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 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 Indicou, Ganhou referral program, through which customers can refer Bmg’s digital bank to friends and receive a commission; 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 automobile 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 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 November, 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, Bmg and Banco Inter signed a partnership deal in which they each own 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.