Exhibit 1


                                 BANCO ITAU S.A.
CNPJ. 60.701.190/0001-04                                       NIRE. 35300023978
                            A Publicly Listed Company

                Authorized Capital: up to 200,000,000,000 shares
  Subscribed and Paid-in Capital: R$ 4,260,500,000.00 - 113,451,148,264 shares

                           ANNOUNCEMENT TO THE MARKET

                      MEETING OF THE ADMINISTRATIVE COUNCIL
                               OF NOVEMBER 4, 2002
                               -------------------


         On November 4, 2002, the Administrative Council of BANCO ITAU S.A. met
at its head office under the presidency of Dr. Olavo Egydio Setubal, with the
purpose of deciding on the repurchase of shares issued by the Bank itself,
without the reduction in capital stock in accordance with the provisions of
paragraphs 1 and 2 of article 30 of Law 6404/76 and CVM Instruction 10 and 268
of February 14 1980 and November 13 1997, respectively.

         The President initially informed that:

a)       in accordance with the limits approved by the Administrative Council,
         the corporation had repurchased 10,312,560,710 book entry shares issued
         by itself, of which 6,637,240,894 common and 3,675,319,816 preferred,
         in the period from November 3 1997 to the current date;

b)       of these total of shares acquired to the present, 6,606,279,627 common
         shares had been canceled according to the decision of a Meeting,
         1,475,700,000 preferred shares were resold to the market via private
         sales, under the Stock Option Plan, and 200,000,000 of preferred shares
         were deposited in custody with the Brazilian Clearing and Depository
         Corporation (Companhia Brasileira de Liquidacao e Custodia) - CBLC, as
         the underlying assets for the issue of 200,000 "CEDEAR's", under the
         Argentine Certificates of Deposit Program (CEDEAR's), pursuant to the
         approval of the Brazilian Securities and Exchange Commission (Comissao
         de Valores Mobiliarios) - CVM in their authorizing letters
         CVM/GER-2/n(0) 152/98 and CVM/GEA-4/n(0) 118/98, of which 13,500
         "CEDEAR's" have been placed to the present moment and corresponding to
         13,500,000 preferred shares;

c)       the period set forth in the Meeting of this Administrative Council held
         on 8.5.2002 for the acquisition of shares expired in this date.

         After this, the Administrative Council, considering to be opportune to
continue the buy-back of shares for holding as treasury stock, cancellation or
resale to the market, have unanimously decided to renew the limits for these
acquisitions as from this date, authorizing the corporation to acquire up to
3,480,000,000 book entry shares issued by itself with no nominal value,
comprising a maximum of 780,000,000 common and 2,700,000,000 preferred shares.



MEETING OF THE ADMINISTRATIVE COUNCIL OF NOVEMBER 4, 2002 OF BANCO ITAU S.A.
                                                                         Page  2

         Having clarified that the acquisition of such shares, herewith
authorized, represents less than 10% (ten per cent) of the 8,203,881,657 common
shares and 51,110,327,481 preferred shares freely circulating in the market, it
was decided:

a)       to attribute to the Board of Directors discretion to decide when to
         effect the buy-back operations within the limits herewith approved;

b)       that these acquisitions will be effected via the Stock Exchanges, for a
         maximum term of three months as from the current date, using resources
         in the Revenues Reserve ("Reinforcement for Working Capital" - profits
         registered as from January 1, 1999);

c)       that theses acquisitions be intermediated by ITAU CORRETORA DE VALORES
         S.A., with head office at Rua Boa Vista, 185 - 4th floor in the city of
         Sao Paulo.

         All items on the agenda having been concluded, the meeting was declared
closed, the transcription of which was registered in these minutes, and having
been read and approved, was signed by those present. Sao Paulo-SP, November 4,
2002. (signed) Olavo Egydio Setubal - President; Jose Carlos Moraes Abreu,
Alfredo Egydio Arruda Villela Filho e Roberto Egydio Setubal - Vice-Presidents;
Alcides Lopes Tapias, Carlos da Camara Pestana, Henri Penchas, Jose Vilarasau
Salat, Luiz Assumpcao Queiroz Guimaraes, Luiz de Moraes Barros, Maria de Lourdes
Egydio Villela, Persio Arida, Roberto Teixeira da Costa and Sergio Silva de
Freitas - Councilors.

               I CERTIFY THAT THE PRESENT IS AN EXACT COPY OF THE
                 ORIGINAL TRANSCRIPTION IN THE MINUTES REGISTER

                         Sao Paulo-SP, November 4, 2002.



                             ALFREDO EGYDIO SETUBAL
                           Investor Relations Director