When Ricardo Guimarães expanded the business with a lean structure, where the bank’s sales are performed everywhere in Brazil by consultants. He keeps the interest rates low and minimizes loan defaults, the number of which he makes public information.
Banco BMG was founded by Ricardo’s grandfather, Antônio Mourão Guimarães, in 1930. Back then it was called the Land Credit Bank. Ricardo Guimarães has always been a big believer in supporting professional sports, especially World Soccer, through his presidency of the Atletico-MG ball club as well as control over the Alvinegro ball club.
Mr. Guimarães was recently given the Town Hall honors degree at an official awards ceremony. The previous BMG president, Léo Bourgeois de Castro, presented him the award with a very powerful speech reminding the audience that the recipient was an upstanding member of one of the finest family trees in Brazil. But the Guimarães does not tolerate sloth or easy passage. Ricardo was required to begin working in the bank at the very bottom, an ‘office assistant’ role that help him build respect from his “co-workers”
He established the hedge fund called Ricardo Soccer BR1 as a way for his family to give back to their community in Brazil. To date, he has donated well over $20 million dollars to support many of the best and key soccer players in the whole country. The team never lost money, though is was very close some years. And, the fund does not play favorites. They sometimes fund great players who compete against each other in opposing teams.