Banco Master
Coverage of Banco Master in the Nexus archive.
- Jaques Wagner Investigation: Brazil Senator Probed Over 74 Calls, Carbon-Credit Bill
Brazil's Federal Police are investigating Senator Jaques Wagner for 74 voice calls with a figure associated with Banco Master and his role as rapporteur for a carbon-credit bill. The investigation is based on court-authorized findings.
- Brazil Police Probe Banco Master Owner’s Cemig Sim Ties
Brazil's Federal Police are investigating Banco Master owner Daniel Vorcaro's dealings with Cemig Sim, expanding a probe into one of the country's largest banking scandals.
- PicPay Insurance Acquisition Clears Central Bank
Brazilian digital payments company PicPay received Central Bank approval to acquire insurer Kovr, a firm formerly linked to liquidated Banco Master. This marks a significant step in PicPay's expansion into the insurance sector.
- Brazil’s BRB Scraps a R$15 Billion Deal to Offload Banco Master’s Assets
BRB has canceled a R$15 billion (approximately US$2.9 billion) deal to sell Banco Master's assets to Quadra Capital and will now sell them separately. The decision marks a shift in the asset offloading strategy.
- Moraes Family Firm Warned of Corruption Risk in Master Advice
A July 2024 legal opinion from the Barci de Moraes firm assessed Banco Master's eligibility to manage public-pension funds but warned of corruption risks, conflict of interest, and administrative violations. Three lawyers from the firm reportedly signed the document.
- A Court Keeps Its Watchdog Inside the Firm That Bid for Banco Master
A court refused to remove a monitor placed inside Fictor, the firm that bid for Banco Master. Creditors are attempting to remove the administrator due to disputes over how claims are valued.
- The Firm That Nearly Bought Banco Master Wants Its Watchdog Gone
A São Paulo appeals judge refused to suspend the independent monitor over Grupo Fictor, the company that nearly bought Banco Master before its liquidation. Laspro Consultores serves as the court-appointed administrator, while Kroll acts as the corporate-investigations firm.
- A Brazilian Banker Hired $1.5m of Influencers to Attack His Regulator
A Brazilian banker hired a $1.5 million influencer campaign to attack the Brazil central bank after regulators blocked the sale of Banco Master. Federal police raided the adman responsible for the campaign.
- Brasília Signs a $1.2bn Bank Bailout as Fraud Fallout Spreads
Brasília's government authorized a $1.2 billion loan to rescue the state bank BRB, which was crippled by purchasing fake loan portfolios from the collapsed Banco Master. The funds come from the banking industry's deposit-guarantee fund.
- Church-Owned Bank Digimais Is the Next Test of Brazil’s Master Crisis
Ratings agency Fitch downgraded Brazil’s Digimais, warning of a real possibility of failure. The mid-sized lender is controlled by billionaire Edir Macedo, founder of a global Pentecostal church. Its troubles worsened after the collapse of Banco Master, Brazil’s largest bank.
- Policía de Brasil investiga a un aliado cercano de Lula en amplia pesquisa por fraude
Brazil's federal police are investigating Senator Jaques Wagner, a close ally of President Luiz Inácio Lula da Silva, for suspected corruption and money laundering linked to Banco Master. The probe involves 18 search and seizure orders, including evidence of a luxury apartment purchase. Wagner denies any wrongdoing, and his team claims the funds were legally obtained.
- Banco Master Founder’s Second Plea Deal Rejected by Police
Brazil's Federal Police rejected jailed Banco Master founder Daniel Vorcaro's second plea deal, keeping the country's biggest bank-fraud case unresolved.
- Brazil Bank Liquidator Wins Bahamas Reach in Asset Hunt
A Bahamas court has recognized the liquidator winding up Brazil’s failed Banco Master, allowing the liquidator to pursue assets in the offshore haven. This decision aligns with support from US and Bahamian courts for Brazil’s bank wind-down efforts.
- Brazil Police Target Ex-Bolsonaro Minister in Banco Master Probe
Brazil police are investigating ex-Bolsonaro minister Ciro Nogueira in relation to the Banco Master probe. The investigation is ongoing and details are limited. Nogueira's involvement is a key aspect of the case.
- Brazil Deposit Guarantor Holds Off on BRB Loan Amid Banco Master Risk
The Brazil Deposit Guarantor is delaying a BRB loan decision due to risks associated with Banco Master. The situation involves a Banco de Brasilia branch in Sao Paulo, highlighting financial uncertainty in the region.