Itau and Itau BBA Subscribe to the Equator Principles

Itau and Itau BBA Subscribe to the Equator Principles 


SAO PAULO, Brazil, Aug. 12  /PRNewswire-FirstCall/ -- In line with its values
of social responsibility and corporate governance, which have always guided
Banco Itau and Banco Itau BBA, both have just subscribed to the Equator
Principles. This is a voluntary decision, which reaffirms Banco Itau Holding
Financeira's concern with the environment.

In fact, both Banco Itau and Banco Itau BBA have been following the best
practices in relation to the preservation of the environment for a long time,
during which they have provided long-term loans for large infrastructure
projects to the most diverse sectors of the economy. These projects have
involved the resources of the Brazil economic and social development bank, the
BNDES, and multilateral bodies.

Itau BBA was a pioneer in the adoption of the procedures established by the
Equator Principles. In 2000, it created an "Environmental Management System,"
which was formally approved by the World Bank, through the International
Finance Corporation (IFC). The bank followed the directives of this system to
transfer more than US$ 200 million from multilateral bodies to its clients
between 2000 and 2004.

By adopting the Equator Principles, Banco Itau and Banco Itau BBA will observe
the social and environmental policy of the IFC in loan operations amounting to
more than US$ 50 million.

"By subscribing to these principles, we are strengthening Itau's commitment to
corporate citizenship and the development of the communities in which we
operate. Along with the systematic investments, which we have been making in
the areas of culture, education and health, we are reaffirming our commitment
to and deepening our initiative in the field of environmental responsibility,"
said Antonio Matias, executive vice-president of Itau and the Itau Social
Foundation.

"As banks active in project finance in a developing country, Banco Itau's and
Itau BBA's adoption of the Equator Principles is a major step forward and one
which IFC welcomes with enthusiasm.  The application of agreed environmental
and social standards for project finance throughout the world creates
tremendous momentum for improving the quality of projects and facilitating
positive impact," said Peter Woicke, executive vice president of IFC.

ABOUT ITAU HOLDING FINANCEIRA

Banco Itau Holding Financeira S.A. is one of the largest privately owned banks
in Brazil. It has a market capitalization of R$ 30.5 billion (on June 30,
2004), the highest value of any bank traded on the Brazilian stock market. It
owns Banco Itau which attends private individuals and companies through its
network of branches and platforms, and Banco Itau BBA, specialized in large
corporate clients. It has more than 3,000 attendance points and more than
20,000 electronic cash dispensers, the largest private network of multi-
functional equipments in Brazil. Itau Holding focuses on creating value for its
shareholders and in practicing the best corporate governance procedures on the
domestic and international market. This commitment has been widely recognized.
For the fourth consecutive time, Itau was chosen to participate in the Dow
Jones Sustainability World Index (DJSI World), along with 314 other companies
throughout the world. The DJSI is made up of shares from companies that are
recognized for their corporate sustainability and ability to create long-term
value for their shareholders. These companies have succeeded in taking
advantage of business opportunities while managing associated economic,
environmental and social risks. Banco Itau is the only Latin American bank to
figure in this list.

ABOUT IFC

The mission of IFC (http://www.ifc.org/) is to promote sustainable private
sector investment in developing countries, helping to reduce poverty and
improve people's lives. IFC finances private sector investments in the
developing world, mobilizes capital in international financial markets, helps
clients improve social and environmental sustainability, and provides technical
assistance and advice to governments and businesses.

  BANCO ITAU PRESS OFFICE
  (55 11) 5019-8880/8881
  

DATASOURCE: Banco Itau Holding Financeira S.A.



CONTACT:  Geraldo Soares, Banco Itau Holding Financeira,

+011-5511-5019-1549, or 



Web site:  http://www.itau.com/

http://www.ifc.org/ 

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