Fictor-Led Consortium Proposes Banco Master Takeover With R$3 Billion Injection

Overview

• The proposal would shift Banco Master’s assets and liabilities, including high-yield CDBs, into a renamed Banco Fictor, with controller Daniel Vorcaro selling his stake and leaving the bank.
• The plan envisions splitting the group, with Banco Master S.A. going to Fictor and partners and separate sales of Will Bank and Banco Master de Investimentos, with reports linking Will Bank to Mubadala.
• Banco Central and Cade must approve the transaction, and multiple reports indicate the Central Bank had not received the filing by Monday night.
• Fictor says United Arab Emirates investors back the bid and that identities will be disclosed in Dubai, while market participants question the group’s transparency and financial capacity given a small registered capital base and a recent FictorPay cyberattack.
• The FGC previously extended about R$4 billion to support Master’s liquidity, and officials are expected to assess creditor protection against roughly R$30 billion in outstanding CDBs.