The news of the new ITAU-BMG payroll bank caught everyone by surprise. The speculation was directed to the ongoing negotiations between the BMG bank and other banks like Bradesco and BTG banks. In a twist of events, the announcement of the partnership with the mining bank ITAU bank was unexpected. The vice president of BMG in an interview with Estado de Minas said the company presented the best deal for the both banks. It also guarantees the BMG banks future given the other banks sought the total purchase and control of the bank. BMG will continue using its database while directing 70% of its payroll customer to the new bank.
The ITAU bank is the fifth largest bank in Brazil. The mining bank is also the main contributor of the new bank contributing over 70% of the required R$ 1 billion to the new bank. It’s highly anticipated that the new partnership will boost the ties between the two banks controlling the credit sector. The ITAU-BMG payroll bank will tap into the private sector that has high untapped potential. With majority banks concentrating on the public sector, this is an area worth considering. The news of the partnership send a relieve message to the private sector in the crisis hit Brazil economy. Marcio confirmed the new bank will be operational in the next 90 days. Both banks are setting the operational parameters of the new bank that will be well defined to ensure both banks avoid internal competition.
According to Em.com.br, the BMG bank has an opportunity to the extensive network to its advantage to an already experience min the credit industry. It now remains on the executives of both banks to make the partnership workable. Before the partnership deal was made public, there were wide speculations that mg was headed for a sale. Marcio cleared out the matter in an interview with the Estado de Minas confirming the commitment of BMG to the deal.
Marcio is the vice president of BMG. He is also the bank’s executive significant in the operations and success of the bank. Also, he is an experienced market analyst. Marcio hails from San Antonio. A city he is highly appreciated given they inaugurated a food court in honor of his name.
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