The recent announcement of the new bank resulting from the ITAU and BMG partnership is a big relieve for Brazilian private sector. The new ITAU BMG payroll bank is set to advance credit facilities to the private sector. The BMG vice president confirmed that the new bank will be operational in the next 90 days. Marcio Alaor also added the two banks are working to meet the requirements of the largest private credit sector bank to open its door to the public.
The initial discussions involved Bradesco and BTG banks. Mr. Marcio paved the news to the public confirming that the new deal was set after the BMG CEO called to discuss the new partnership. The two banks have a leading role in the Brazilian banking sector. The ITAU bank is the fifth largest bank in Brazil while BMG is the leading bank in the consignment credit sector.
The terms leading to the partnership include a 70-30 percentage in ownership shares. The required $R 1 billion required as capital will have to be raised by the banks in their ownership ratio. The banks are planning to outsource fund for the project owing to money scarcity in Brazil. The economy of Brazil is in financial crisis.
According to, the BMG bank has an extended network throught the country. The bank is also led by a highly experienced team in credit management. The partnership is set to benefit the bank as it takes advantage of its networks. According to Marcio, the partnership does not affect the operations and database of BMG bank.
The current banks in the Brazilian economy focus on the public sector for credit facilities. The new bank has the advantage to tap into huge potential presented by the private sector. The new bank will grant the two banks an opportunity to concentrate on other operations.
Marcio is s renowned entrepreneur and skilled leader in the Brazilian market. He is from San Antonio city. Marcio is a specialist in accounting and finance. He is a team leader who focuses his energy and experience to achieve the set company goal. The BMG vice president is an active philanthropic leader. He recently received honor by a food court being inaugurated in San Antonio in his name. Marcio is reachable through his Facebook and linked in profiles.

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