Itau Cuts and Eliminates Service Charges

Itau Cuts and Eliminates Service Charges

August 16, 2007

    SAO PAULO, Brazil, Aug. 16 /Xinhua-PRNewswire/ -- Banco
Itau announces an unprecedented initiative in the Brazilian
financial market -- the reduction of all service charges
collected on its MaxiContas current account packages. In
addition, the Bank is to eliminate various charges
altogether thus providing more free services to its
millions of customers. Itau has also decided to hold the
remaining personal current account charges at existing
levels.

    This decision benefits all personal current account
customers with reductions of as much as 12%, as well as
other advantages arising from the elimination of other
service charges.

    "We have made this important decision, focused
once again on innovation and the unceasing search for
excellence in serving our customers. We were pioneers in
this area in October 1996 when we created the MaxiConta, a
service charges package benefiting those customers enjoying
closer relationships with us. And, today I am very pleased
to be able to announce that we have the most competitive
and attractive package of banking services in Brazil",
declares Roberto Setubal, Banco Itau's CEO.

    These measures will enable Itau to further improve its
relations with existing current account holders as well as
expanding the customer base in a market where the
penetration of banking services is on the increase, set
against a scenario of economic growth and stability.

    According to Itau's CEO, these initiatives have been
made possible thanks to the good quality of Itau's
management, always focused on efficiency and productivity.
This model, he says, has allowed the Bank to continually
pass on the benefits to its customers and create greater
shareholder value. "It is of fundamental importance to
remember that these benefits reflect the prospects for
economic growth which we are witnessing in Brazil,
unquestionably leading us to an eventual investment grade
rating. This scenario has already had an important impact
on our results, contributing to the expansion of credit and
the customer base," Setubal adds.

    All the changes announced by Itau will be effective
from September 1.

    Investor Relations 
    Banco Itau Holding Financeira S.A.




    For more information, please contact:

     Fernando Macedo or Gerardo Soares
     Tel: [phone]