Olavo Setubal: exhibit recalls the history of the owner of Itaú – 04/14/2023 – Market

In the 1970s, the subway carried out two works that would change São Paulo: the reform of Praça da Sé, which became a large garden with several sculptures, and the construction of the 3-red line, heading to the east zone, which would become a of the most crowded in the world.

At the head of these works was Olavo Egydio Setubal (1923-2008), mayor of the city from 1975 to 1979. At the same time, he owned Itaú, already one of the largest banks in the country.

The various sides of him are presented in the exhibition “Olavo Setubal: A Man Before His Time”, which opens its doors at Itaú Cultural this Friday (14), with free admission.

The exhibition is divided into several sectors, to show the impacts that the banker generated for the city and the country. As mayor, he also brought cherry trees to Parque do Carmo, in the east zone, opened other green areas around the city and created sidewalks in the old center, to prioritize pedestrians and limit car access.

The show highlights his interest in technology and data analysis, whether to govern the city (he resumed a school census), to improve the bank (how about a machine to read checks automatically?) or to catalog his art collection, which has specimens in the exhibition. There are paintings by Portinari and a sculpture by Aleijadinho.

Setubal graduated in mechanical engineering from Poli-USP in 1945. Shortly after, he created Deca, which would be successful with discharge valves. In the 1950s, he was called to take over Banco Federal de Crédito, which belonged to an uncle, and he began a career as a banker.

In 1964, it bought Itaú, which gained strength in the 1970s after a series of acquisitions. In 1975, he left the bank to work in politics: he was appointed mayor of São Paulo, during the military dictatorship. The exhibition brings many photos from this period, with Setubal inspecting construction sites, maps and even wheels of future subway trains, at the time under municipal authority.

After he left office, he approached Tancredo Neves and fought for the return of democracy. Setubal was Minister of Foreign Affairs at the beginning of the government of José Sarney, who took over after the death of Tancredo Neves. In office, he sought to bring Brazil closer to countries in Latin America, India and the then Soviet Union. He left office to try to be governor of São Paulo, but failed.

In the 1990s, Setubal maintained its influence and appears in photos alongside Bill Gates and then-president Fernando Henrique Cardoso. He also seeks to invest in culture, with the creation of Itaú Cultural itself, which hosts the exhibition, opened in 1989 and expanded in 2001.

Setubal died in 2008, months before Itaú merged with Unibanco and gained even more strength in the Brazilian market. In 2022, Itaú had an annual profit of BRL 30.8 billion.

The show also features family photos and accessories, such as the thick-rimmed glasses he used to wear, and a magnifying glass, in the form of a rearview mirror. There are also watches, diplomatic passports, badges and various other personal items.

The biggest highlight, however, ends up being the photos of the mayoral phase, visible right at the entrance. One of Setubal’s interventions at the Cathedral was to install several sculptures in the square’s gardens. Today, the monuments are almost hidden amidst the state of abandonment of the place. The 3-red line is still full, almost every day.