BMG banker Flávio Pentagna Guimarães dies at 94

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Bmg bank announced the death of banker Flávio Pentagna Guimarães, shareholder and former president of the group with the same name. He died this Thursday (19), in Belo Horizonte, aged 94.

Flávio was the controlling shareholder of Banco Bmg, directly and through Bmg Participações SA, since he held lifetime usufruct of common shares of the bank and common shares of Bmg Participações.

In the note, the bank highlights that Guimarães was a visionary entrepreneur and that, throughout his life, he developed business fronts in different segments of the economy.

According to the institution, the businessman was responsible for making Banco Bmg the first financial institution to offer payroll loans in the country.

The institution begins in 1930. The family entered the financial sector with the creation of Banco de Crédito Predial SA (later called Banco de Minas Gerais SA) to act as a commercial bank, offering products to individuals and companies.

The Bmg group includes companies that operate in the financial market and in the segments of innovation, technology, agribusiness, logistics, real estate, among others.

In 2012, the Minas Gerais bank announced a change of command, in which Flávio Guimarães left the presidency and became part of the company’s shareholder council.

Also in 2012, BMG and Itaú joined together to create Itaú BMG Consignado, to sell this type of credit. The partnership ended in 2016, with the sale to Itaú of the Minas Gerais institution’s share in the business.

With the death of the banker, control of Banco Bmg is now exercised by his sons, through Bmg Participações and its holding companies, respectively, Água Boa Participações Ltda., Noma Participações Ltda., Rivage Participações Ltda. and São Judas Tadeu Participações Ltda., according to a Material Fact published by the company.

Through its Twitter account, the Atlético Mineiro club mourned the death of Guimarães, father of the chairman of the Deliberative Council, Ricardo Guimarães. “Flávio was an icon of entrepreneurship in Brazil and one of the greatest entrepreneurs in Minas.”

Coimbra Sports, from Contagem (MG), a club of which Ricardo is director, mourned the businessman’s death on social media. “The board, collaborators and athletes of Coimbra are in solidarity with Dr. Flávio’s family and friends. The Club decrees official three-day mourning.”

The businessman, who was a widower, leaves five children (Antônio, João, Regina, Angela and Ricardo), 12 grandchildren and 12 great-grandchildren.

The burial will take place this Friday (20), in the capital of Minas Gerais. The cause of death has not been reported.

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