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Murray News

J&F in talks with Brazil’s Central Bank chief over Master deal

Businessman Joesley Batista visited Gabriel Galípolo amid J&F’s interest in the Brazilian bank’s assets

 

 

 

05/02/2025

Gabriel Galípolo, chair of Brazil’s Central Bank, met on Thursday (1) with businessman Joesley Batista of J&F Investimentos, in what was his only scheduled appointment on the Labor Day holiday. The meeting, held from 3pm to 4pm, was also attended by Ailton Aquino, head of supervision, and Gilney Vivan, head of regulation. It was added to Mr. Galípolo’s official agenda the previous evening.

The Central Bank said only that the meeting addressed “institutional matters.” J&F declined to comment. However, five people familiar with the matter said the holding company’s interest lies in Banco Master. One source close to J&F said the company is preparing a bid for Credcesta and Master’s portfolio of court-ordered government debt (precatórios), possibly through its financial arms PicPay or Banco Original.

When asked whether Banco Master was discussed, Mr. Aquino did not deny it and said only that the meeting “was good.”

The proposal by Mr. Batista reportedly includes assets from the personal estate of Banco Master owner Daniel Vorcaro. Sources familiar with the talks said the deal could help partially cover Master’s liabilities that fall outside the scope of Brazil’s deposit insurance fund (FGC), including pension fund-held securities.

Credcesta is a payroll-deductible credit card for public servants that began in Bahia. It was acquired by Banco Master during Rui Costa’s term as governor and later expanded nationwide. If J&F moves forward, the acquisition would advance a long-standing goal to expand PicPay’s footprint in payroll loans—but it would directly clash with Banco de Brasília’s (BRB) own interest in the asset.

Master’s precatório portfolio, totaling R$8 billion on the bank’s 2024 balance sheet, could gain value if the Treasury begins repayments as scheduled in July. Payment order for these government debts—from municipalities, states, and the federal government—will be decided by various courts, from Brazil’s Regional Federal Courts to the Supreme Court, but mainly by the Superior Court of Justice (STJ).

BTG Pactual, led by André Esteves, also remains interested in Banco Master’s less-liquid assets, including precatórios, judicial credit rights, and equity stakes in companies, sources said. BTG could either purchase the assets outright or manage a fund holding them, helping to avoid a scenario where the FGC would have to cover Master’s certificates of deposit (CDBs).

One possibility under discussion is that the FGC could lend money to a fund capitalized with these assets. That fund, in turn, would manage Master’s liabilities, potentially allowing Mr. Vorcaro’s bank to repay CDBs gradually—or even ahead of schedule.

As previously reported by Valor, Brazil’s major private banks are involved in discussions about the parts of Banco Master not being acquired by BRB. However, in recent days, especially Itaú and Bradesco have reportedly shown reluctance to take direct stakes or accept arrangements that would overburden the FGC.

While the Central Bank gave no details about the meeting’s agenda, it said Mr. Galípolo’s engagement with Mr. Batista complied with the “quiet period” rules of the Monetary Policy Committee (COPOM), which meets next week on May 6–7. None of the parties involved—the Central Bank, Master, J&F, or BRB—commented on the matter.

*By Maria Cristina Fernandes, Valor — São Paulo

Source: Valor International

https://valorinternational.globo.com/

2 de May de 2025/by Gelcy Bueno
Tags: Brazil’s Central Bank, interest in the Brazilian bank’s assets, J&F
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