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BANCO ITAU HOLDING FINANCEIRA S.A. ANNOUNCEMENT TO THE MARKET.
(Full text of a statement. Contact details below.)
Banco Itau Holding Financeira S.A. Announcement to the Market
SAO PAULO, May 31 /PRNewswire-AsiaNet/ --
Renewal of Services Contract with the State of Rio de Janeiro
Banco Itau Holding Financeira S.A. (ITAU HOLDING) announces that it has amended until 12/31/2011 the Services Contract with the state of Rio de Janeiro for the payment of all active and inactive civil servants, collection and distribution of tax payments, payments to suppliers of goods and services on behalf of the State, its representative organs and entities.
The amendment provides for the disbursement of R$750 million in cash.
In accordance with Brazilian accounting principles and in line with current practice, this payment will be recognized in the results proportionally over the tenor of the contract.
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