Banco BMG is one of Brazil's major
retail bank
Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking. Banking servi ...
s. The bank, formerly known as Banco de
Minas Gerais
Minas Gerais () is a state in Southeastern Brazil. It ranks as the second most populous, the third by gross domestic product (GDP), and the fourth largest by area in the country. The state's capital and largest city, Belo Horizonte (literally ...
S.A., was founded in 1930.
Banco BMG had a minority share in a joint venture with Brazil’s
Itaú Unibanco
Banco Itaú Unibanco S.A. is a Brazilian financial services company headquartered in São Paulo, Brazil.
Itaú Unibanco was formed through the merger of Banco Itaú and Unibanco in 2008. It is the largest banking institution in Brazil, as well a ...
, called Itau BMG Consignado, which lent to customers who hold payroll accounts, until December 2016 when Itau bought BMG's remaining share.
References
External links
Official Website
Banks of Brazil
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