Partnership Between Banco Itau Holding Financeira S.A. and Marisa S.A.
SAO PAULO, Oct. 20 /PRNewswire-AsiaNet/ --
On October 18, 2008, BANCO ITAU HOLDING FINANCEIRA S.A. (NYSE: ITU),
through its subsidiary Banco Itau S.A. ("ITAU"), and MARISA S.A. ("MARISA"),
have signed a "Memorandum of Understanding" describing the framework of an
operational agreement for a term of 10 years, the purpose being to create a new
Itau/Marisa (co-branded) credit card, as well as making it possible to offer,
distribute and sell ITAU's products and services to MARISA's customers on an
exclusive basis.
The partnership shall involve an investment of about R$ 120 million for
ITAU, R$ 65 million being for the exclusive rights and for the use of MARISA's
customer base for the duration of the above mentioned operational agreement,
and R$ 55 million which shall be earmarked should agreed targets be met over
the course of 5 years.
On the basis of 50% for each party, ITAU and MARISA shall also split the
results accruing from the said offering, distribution and sales.
MARISA is the largest chain store specializing in women's fashion goods and
underwear in Brazil with a store traffic of 140 million customers
annually, reporting gross consolidated net revenues of R$ 1.8 billion in 2007.
On September 30, 2008, MARISA had 207 stores in Brazil and more than 8 million
private label cards.
The association between ITAU and MARISA will be instrumental in expanding
and improving the current offering of financial products and services to
MARISA's customers (such as widely accepted branded credit cards, personal
loans, loans repayable against payroll and others), through the organization's
distribution channels. MARISA will continue to have exclusive control over its
own private label store card.
The association will further strengthen ITAU's leadership in the consumer
credit market and in line with the strategy adopted for association with major
retailers in this segment.
The operating agreement will contribute on the part of MARISA to the
introduction of greater responsiveness in the sale of the products to be
offered under the partnership. At the same time, MARISA will be able to take
full advantage of greater access to ITAU's expertise. Additional to these
advantages, the association will bring greater benefits to the company's
customers by providing user-friendly facilities for purchases both in the
network itself as well as outside its stores. It will also provide a greater
range of financial products and services, thus further enhancing MARISA's
target customer base.
ITAU and MARISA confirm their intention of proceeding with work for
negotiating and signing of the definitive binding documents.
Alfredo Egydio Setubal
Investor Relations Officer
Banco Itau Holding Financeira S.A.
Paulo Sergio Borsatto
Investor Relations Officer
Marisa S.A.
SOURCE Banco Itau Holding Financeira S.A.; Marisa S.A.
CONTACT: Alfredo Egydio Setubal, Investor Relations Officer, Banco Itau
Holding Financeira S.A., +5511-5019-1549
(ITU)
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