SAO PAULO, Brazil, Aug. 15 /PRNewswire-FirstCall/ -- 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. CONTACT: Fernando Macedo or Gerardo Soares 5511-5019-1549 DATASOURCE: Banco Itau Holding Financeira S.A. CONTACT: Fernando Macedo or Gerardo Soares, both of Banco Itau Holding Financeira, 5511-5019-1549 Web site: http://www.itau.com/

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