Ricardo Guimaraes is the heir as well as the President of Banco BMG. He is a successful banker who has been in charge of the family business since 1998. He has managed the bank to become a leader in providing payroll loans in all of Brazil, displaying his outstanding leadership and administration skills. The focus of the bank has been on providing customers who have a low level of default with credit at low-interest rates. This has seen the bank prosper over the years.
Guimaraes is a football fan, and his love for the game goes beyond this. He served as a sponsor and president of Atletico Mineiro Club, a team of which he is an avid fan. He saw an opportunity to use sports marketing as a way to strengthen his brand by spreading awareness. By having the three orange letters printed on the shirts of players all over the country, BMG has gone ahead to receive visibility as a brand. Wiki has more cover on him.
Sports advertising is a high-cost affair. However, Ricardo Guimaraes goes ahead to justify the huge cost, claiming that the financial returns and brand recognition arising from the advertising outweigh the costs incurred. He also works with impartiality when it comes to the sponsorships offered by BMG. Despite his support of Atletico Mineiro, Mr. Guimaraes states that BMG does not root for any specific team.
Through the many sponsorships offered by the bank, BMG has received brand recognition. This is a natural process as the games that are played are broadcast on national television or observed by an enormous audience from a certain region. Those that watch these matches end up becoming familiar with the brand. Today, BMG ranks as the top sponsor of football in South America’s largest country. It also ranks as the company that enjoys the highest financial returns arising from sports advertising.
Pressure in the market pushed Ricardo Guimaraes to diversify the products that the bank offers, so as to cater for the new customers drawn by the awareness created by sports advertising. To do this, he went ahead to buy two financial institutions, GE Money Brazil and the Schahin Bank. This move saw BMG compete in other areas as well as offer new products. BMG was also able to offer various types of loans, all in a bid to cater to various customer profiles. The sponsorships by BMG also go a long way in increasing the confidence of potential customers.