Brazil’s Central Bank approvals allowing Banco Master to acquire Banco Voiter, Letsbank and Will Financeira added BRL26bn ($5.23bn) in assets to the group in 2024, according to a report by the Federal Court of Accounts.
Authorisations were granted while the bank faced liquidity and capital issues, according to a Valor survey. Approval for the Voiter deal came on March 26, shortly after the central bank’s supervision unit ordered corrective measures.
Clearance for Will Financeira was issued on May 27, followed by a notice citing an BRL885mn capital gap and transactions involving the Bravo fund, managed by Reag. At the time, the Central Bank was led by Roberto Campos Neto.
The supervision department shared information with the unit responsible for reviewing acquisitions, supporting the approvals. Investigations by the federal police indicate that officials linked to supervision may have been influenced by interests tied to Daniel Vorcaro.
Voiter, previously owned by the Rezende Barbosa family, required capital but was not expected to be liquidated. Authorities were told the transaction would address capital constraints.
A participant later said approval should not have been granted. The acquired institutions were subsequently liquidated.
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