Overview

• The collegiate board rejected the deal after finding the application left doubts about the transaction’s economic‑financial viability.
• The Central Bank declined to release its full supporting opinions, citing banking secrecy and protected business information.
• Antitrust and political approvals were in place from CADE and the Federal District legislature, yet the deal could not proceed without Central Bank authorization.
• In a related decision in August, the Central Bank vetoed the sale of Bluebank to former Master partner Maurício Quadrado and later rejected his appeal, leaving the bank unable to operate without approval.
• Market analysis has flagged Master’s reliance on high‑yield CDB funding and low‑liquidity assets, with tighter Central Bank rules to curb such strategies set to take effect on June 1, 2026.