Overview
- Banco Master is negotiating a new credit line with Brazil’s deposit insurance fund FGC as advisors shape a plan that includes advancing a sale of Will Bank, according to Brazilian media.
- Reports say Huck is part of a group evaluating the purchase alongside private equity funds and state-owned Banco de Brasília, with discussions described as early-stage.
- Huck’s office declined to comment, saying there is nothing concrete at the moment, and Terra reported there has been no direct contact with the presenter.
- Will Bank, founded in 2017 and bought by Master last year, ended the first half with R$14.4 billion in assets, a R$244.7 million loss and roughly R$300 million in equity, with about 9 million customers in April.
- A transaction could help reduce Banco Master’s liabilities after it recently tapped a R$4.5 billion emergency FGC line that matured on October 1, and Master, Globo and the FGC did not comment to reporters.