EXHIBIT 99.6


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

                          DISCLOSURE OF A MATERIAL FACT

                        MEETING OF THE BOARD OF DIRECTORS
                                  OF MAY 2 2005
                                  -------------

              On May 2 2005, at 3:30 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, 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 6.404/76 and CVM Instruction 10, 268 and
390 of February 14 1980, November 13 1997 and July 8 2003, respectively.

              Opening the agenda, the Chairman informed that:

a)  at its meeting on May 3 2004, this Board authorized the Company's Board of
    Executive Officers to buy back its own shares, the authorization to
    terminate on April 29 2005, up to a limit of 680,000 in common shares and
    3,720,000 in preferred shares;

b)  pursuant to these limits, to the present moment, the company has bought back
    89,710 common shares and 852,810 preferred shares which, in addition to the
    outstanding balances on May 3 2004, total 90,190 common shares and 2,429,930
    preferred shares issued by the company;

c)  of this total of own shares held as treasury stock, 88,803 common shares
    were cancelled in the light of the general stockholders' meeting's decision
    of April 27 2005, 609,550 preferred shares were resold to the market via
    private sales transactions under the "Plan for Granting Stock Options", and
    186,500 preferred shares remain in the custody of the Brazilian Clearing and
    Depository Corporation, as the underlying stock for the issue of securities
    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.

              After this, the Board of Directors, considering it to be opportune
to buy-back shares for holding as treasury stock, cancellation or resale to the
market, unanimously decided to renew the limits for these buy-backs, as from
this date, hereby authorizing the company to buy up to 4,130,000 own book entry
shares, with no par value, being up to 679,000 common and up to 3,451,000
preferred shares.

              Having clarified that the acquisition of such shares, herewith
authorized, represents less than 10% (ten per cent) of the 6,809,531 common
shares and 54,536,861 preferred shares freely circulating in the market, it was
decided:





BANCO ITAU HOLDING FINANCEIRA S.A.                                        Page 2
Meeting of the Board of Directors of May 2 2005

a)  to attribute to the Board of Executive Officers 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 up to April
    28 2006, using resources in the Revenues Reserve ("Reserve - Goodwill on
    Issued Shares");

c)  that these acquisitions be intermediated by ITAU CORRETORA DE VALORES S.A.,
    with head office at Av. Hugo Beolchi, 900- 15th 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, 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, Henri Penchas, 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