. August 28, 2008 SouthAmerica: I would like to send my condolences out to all immediate family members of Olavo Egydio Setubal. Olavo Egydio Setubal was one of the great Brazilian Financiers and Entrepreneurs of our time. The newspaper articles about Mr. Setubal have not mentioned that he was a senior member of one of the most influential families in Brazil. Mr. Setubal was a great-grandson of Francisco Antonio de Souza Queiroz - the Barao de Souza Queiroz And his grandfather was the oldest son of the Barao of Souza Queiroz â Francisco Antonio de Souza Queiroz Filho. My grandmotherâs father Carlos de Souza Queiroz also a son of the Barao of Souza Queiroz was the youngest brother of Francisco Antonio de Souza Queiroz Filho. When the BarÃ£o turned 65 years old, he resigned of most of his corporate positions, and from then on he spent his time doing philanthropy. He founded in November 1874 a philanthropic organization named AssociaÃ§Ã£o BarÃ£o de Souza Queiroz de ProteÃ§Ã£o Ã InfÃ¢cia e Ã Juventude-Instituto Dona Ana Rosa. He set up this organization in such way that the organization was financially independent. The greater part of the funding made available for the organization was invested in the purchase of real estate in central SÃ£o Paulo. The income from the rental of these properties has supported the institute for the last 132 years. Throughout all this time, the association has been maintained by the BarÃ£o's descendants, now in the sixth generation. All members of the Board of Trustees of this organization always have been descendants of the BarÃ£o. Even though this charitable organization has been helping thousands of children per year during all this time our family never liked any publicity about this organization, but The Institute Dona Ana Rosa came into the spotlight in 1999, when the organization received a cash prize and was ranked number 8 in the ranking of the 100 Best Run Charities of Latin America and the Emerging Countries. And since that time The Institute Dona Ana Rosa has been ranked among the 100 Best Run Charities of Latin America and the Emerging Countries on a regular basis. The reason I am bringing up this information it is because as a senior member of our family Olavo Egydio Setubal has been very involved with The Institute Ana Rosa and he has been providing his expert advice on many matters for a long time to this outstanding charitable institution and he will be missed very much by all the people who had the privilege to know Mr. Olavo Egydio Setubal. Mr. Setubal was an extraordinary person in every way and he will be missed by all of us - "Rest in peace." ******** Itau Chairman Olavo Egydio Setubal Dies at Age 85 By Laura Price Bloomberg News â August 27, 2008 Aug. 27 (Bloomberg) -- Olavo Egydio Setubal, chairman of Banco Itau Holding Financeira SA, Brazil's second-biggest non- government bank, died today of heart failure, according to a company statement. He was 85. Setubal, who was the country's foreign affairs minister from 1985 to 1986, led Banco Itau through a decade of expansion. ``Olavo Setubal was one of the great Brazilian entrepreneurs of our time,'' Brazilian President Luiz Inacio Lula da Silva said in a statement. ``He always believed it was possible to build a better future and, in that sense, he made an important contribution to our country's development, especially in finance.'' Alfredo Egydio de Souza Aranha, his uncle and founder of Banco Federal de Credito, invited him in the late 1950s to join the business, the company said. Setubal expanded the bank through mergers and acquisitions beginning with Banco Itau in 1965. During the next 10 years, the successor bank, Banco Federal Itau de Investimentos SA, bought financial institutions including Sul Americano, America, Alianca, Portugues do Brasil and Banco Uniao Comercial. In 1970, Banco Federal Itau de Investimentos SA changed its name to Banco Itau de Investimento SA, and in 1973 became Banco Itau Portugues de Investimento SA. Finally, in 1991, the bank became Itausa - Investimentos Itau SA. Acquisitions Itausa controls Banco Itau Holding Financeira, which controls Banco Itau and Banco Itau BBA SA. Through acquisitions, Banco Itau Holding Financeira has become one of Brazil's leading private banks, also operating in Argentina, Chile and Uruguay, according to the company statement. ``He was interested in expanding the bank's cover all over Brazil and wanted to maintain its presence in as many states and cities as possible outside of Sao Paulo,'' said David Fleischer, a professor of political science at the Federal University of Brasilia. During Brazil's military dictatorship, which lasted from 1964 to 1985, Setubal left the bank to serve as mayor of the city of Sao Paulo from 1975 to 1979. He helped speed up work on the city's subway network and oversaw the construction of the Estacao Se train station in 1978. He returned to Grupo Itau as president in 1979. Setubal was invited in 1985 by then President-elect Tancredo Neves to be foreign affairs minister. Neves died soon afterwards and was succeeded by vice-president Jose Sarney. As minister, Setubal sought to improve relations with Argentina, organizing a meeting between Sarney and then Argentine President Raul Alfonsin in the border town of Foz de Iguacu. Mercosur ``Setubal was a very important political and economic actor, especially in Sao Paulo,'' Fleischer said. The meeting eventually led to the signing of a bilateral economic agreement that later became the basis for Mercosur, the South American trade bloc founded by Argentina, Brazil, Paraguay and Uruguay in 1991. ``He was an important voice in the private sector in favor of a political opening or transition back to civilian rule,'' said Fleischer. ``He voiced discreet discontent with military rule.'' Born April 16, 1923, Setubal grew up in Sao Paulo. He is survived by his wife Daisy and seven children, including Roberto Egydio Setubal, chief executive officer of Banco Itau. Source: http://www.bloomberg.com/apps/news?pid=20601086&sid=aduqtQU.BGFU ******** 27/08/2008 "Autoridades e amigos lamentam a morte de Olavo Setubal" da Folha Online Amigos, familiares e diversas autoridades estiveram presentes no velÃ³rio de Olavo Egydio Setubal, presidente do conselho de administraÃ§Ã£o da ItaÃºsa, holding que controla a instituiÃ§Ã£o financeira ItaÃº. O empresÃ¡rio morreu na manhÃ£ desta quarta-feira, aos 85 anos, de insuficiÃªncia cardÃaca. O velÃ³rio comeÃ§ou nesta quarta no Centro Empresarial ItaÃºsa, no Jabaquara, e segue atÃ© Ã s 10h de amanhÃ£ (28), quando o corpo serÃ¡ cremado, em cerimÃ´nia privativa para os familiares. Entre os que passaram pelo local estÃ£o os ex-governadores de SÃ£o Paulo Claudio Lembo e Geraldo Alckmin; o prefeito de SÃ£o Paulo Gilberto Kassab; a ex-prefeita Marta Suplicy; o presidente do Bradesco, Marcio Cypriano; o vice-presidente do ItaÃº, Antonio Matias; o ex-presidente do Banco Central Gustavo Loyola; os ex-ministros Luiz Carlos Bresser, Rubens Ricupero e Paulo Renato Souza; o deputado federal Aldo Rebelo (PC do B-SP); o presidente da Febraban, Fabio Barbosa; os empresÃ¡rios HorÃ¡cio Lafer Piva, Mario Amato, JosÃ© ErmÃrio de Moraes, Nizan Guanaes, Pedro Moreira Salles, Gustavo Marinho, Moises Safra. Olavo Setubal deixa a mulher, Daisy Setubal, e os filhos Paulo, Maria Alice, Olavo Jr., Roberto, JosÃ© Luiz, Alfredo e Ricardo, e 19 netos. Filho do escritor e poeta Paulo Setubal e de Francisca de Souza Aranha Setubal, ele nasceu em 16 de abril de 1923. Em 1945, se formou em engenharia. ApÃ³s juntar US$ 10 mil, Setubal e um amigo fundaram a Deca, fabricante de peÃ§as de fechadura e de torneiras. Depois, foi chamado por um tio para salvar o Banco Federal de CrÃ©dito, entÃ£o com problemas financeiros. Assim, firmou de vez sua carreira como banqueiro ao assumir a direÃ§Ã£o da instituiÃ§Ã£o em 1959, apÃ³s a morte do tio. Em 1964, comprou o ItaÃº, cujo forte eram os clientes da Ã¡rea rural. Foi prefeito da cidade de SÃ£o Paulo de 1975 a 1979, no perÃodo militar. De marÃ§o de 1986 a fevereiro de 1987, ocupou a funÃ§Ã£o de ministro das RelaÃ§Ãµes Exteriores. ApÃ³s sair da pasta, nunca mais retornou Ã presidÃªncia do ItaÃº. Source: http://www1.folha.uol.com.br/folha/videocasts/ult10038u438468.shtml .