BC declares extrajudicial liquidation of Banco Master and PF arrests Vorcaro

Two months ago, the Central Bank had rejected the purchase of part of Master by Banco de Brasília (BRB). Now, a group led by the little-known investment holding Fictor has made a proposal to buy Master. The operation was a new attempt by Vorcaro to save the financial institution controlled by him. According to Valor, negotiations were still ongoing on Monday afternoon, and contracts had not been signed yet, but due diligence had been carried out, and an agreement on commercial terms had been reached. The initial promised investment, of R$ 3 billion, will be exclusively through a capital increase to be made in Banco Master SA. With this amount, the inherited debt would be R$ 7 billion, with assets estimated at R$ 45 billion.