EXHIBIT 99.4


                       BANCO ITAU HOLDING FINANCEIRA S.A.
CNPJ. 60.872.504/0001-23       A Publicly Listed Company       NIRE. 35300010230



                        MEETING OF THE BOARD OF DIRECTORS
                                  OF MAY 2 2005


              On May 2 2005, at 3:00 p.m., with the legal quorum present, the
Board of Directors of BANCO ITAU HOLDING FINANCEIRA S.A. met at the company's
head office, under the chairmanship of Dr. Olavo Egydio Setubal, unanimously
deciding "ad referendum" of the General Meeting, to increase the interest on
capital monthly paid by 23.5% (to R$ 0.17 from R$ 0.21 per share), as an
integral part of the mandatory dividend, from July 1st 2005 onwards, having the
stockholding position on May 31 2005, less 15% income tax at source, resulting
in net interest of R$ 0.1785 per share, except stockholders demonstrating
immunity or exemption from such tax.

              There being no further items on the agenda, the meeting was
declared closed and the present minutes were transcribed, read, approved and
signed by all those present. Sao Paulo-SP, May 2 2005. (signed) Olavo Egydio
Setubal - Chairman; Jose Carlos Moraes Abreu, Alfredo Egydio Arruda Villela
Filho and Roberto Egydio Setubal - Vice-Chairmen; Alcides Lopes Tapias, Carlos
da Camara Pestana, Jose Vilarasau Salat, Persio Arida, Roberto Teixeira da
Costa, Sergio Silva de Freitas and Tereza Cristina Grossi Togni - Directors.



                                           ALFREDO EGYDIO SETUBAL
                                         Investor Relations Officer