{"id":94024,"date":"2025-05-02T11:52:32","date_gmt":"2025-05-02T14:52:32","guid":{"rendered":"https:\/\/murray.adv.br\/?p=94024"},"modified":"2025-05-02T11:52:32","modified_gmt":"2025-05-02T14:52:32","slug":"jf-in-talks-with-brazils-central-bank-chief-over-master-deal","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/jf-in-talks-with-brazils-central-bank-chief-over-master-deal\/","title":{"rendered":"J&F in talks with Brazil\u2019s Central Bank chief over Master deal"},"content":{"rendered":"
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Businessman Joesley Batista visited Gabriel Gal\u00edpolo amid J&F\u2019s interest in the Brazilian bank\u2019s assets<\/strong><\/em><\/h6>\n<\/div>\n<\/div>\n
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05\/02\/2025\n<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

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Gabriel Gal\u00edpolo, chair of Brazil\u2019s 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. Gal\u00edpolo\u2019s official agenda the previous evening.<\/p>\n<\/div>\n

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The Central Bank said only that the meeting addressed \u201cinstitutional matters.\u201d J&F declined to comment. However, five people familiar with the matter said the holding company\u2019s interest lies in Banco Master. One source close to J&F said the company is preparing a bid for Credcesta and Master\u2019s portfolio of court-ordered government debt (precat\u00f3rios<\/em>), possibly through its financial arms PicPay or Banco Original.<\/p>\n<\/div>\n

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When asked whether Banco Master was discussed, Mr. Aquino did not deny it and said only that the meeting \u201cwas good.\u201d<\/p>\n<\/div>\n

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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\u2019s liabilities that fall outside the scope of Brazil\u2019s deposit insurance fund (FGC), including pension fund-held securities.<\/p>\n<\/div>\n

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Credcesta is a payroll-deductible credit card for public servants that began in Bahia. It was acquired by Banco Master during Rui Costa\u2019s term as governor and later expanded nationwide. If J&F moves forward, the acquisition would advance a long-standing goal to expand PicPay\u2019s footprint in payroll loans\u2014but it would directly clash with Banco de Bras\u00edlia\u2019s (BRB) own interest in the asset.<\/p>\n<\/div>\n

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Master\u2019s\u00a0precat\u00f3rio\u00a0<\/em>portfolio, totaling R$8 billion on the bank\u2019s 2024 balance sheet, could gain value if the Treasury begins repayments as scheduled in July. Payment order for these government debts\u2014from municipalities, states, and the federal government\u2014will be decided by various courts, from Brazil\u2019s Regional Federal Courts to the Supreme Court, but mainly by the Superior Court of Justice (STJ).<\/p>\n<\/div>\n

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BTG Pactual, led by Andr\u00e9 Esteves, also remains interested in Banco Master\u2019s less-liquid assets, including\u00a0precat\u00f3rios,<\/em>\u00a0judicial 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\u2019s certificates of deposit (CDBs).<\/p>\n<\/div>\n

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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\u2019s liabilities, potentially allowing Mr. Vorcaro\u2019s bank to repay CDBs gradually\u2014or even ahead of schedule.<\/p>\n<\/div>\n

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As previously reported by Valor, Brazil\u2019s major private banks are involved in discussions about the parts of Banco Master not being acquired by BRB. However, in recent days, especially Ita\u00fa and Bradesco have reportedly shown reluctance to take direct stakes or accept arrangements that would overburden the FGC.<\/p>\n<\/div>\n

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While the Central Bank gave no details about the meeting\u2019s agenda, it said Mr. Gal\u00edpolo\u2019s engagement with Mr. Batista complied with the \u201cquiet period\u201d rules of the Monetary Policy Committee (COPOM), which meets next week on May 6\u20137. None of the parties involved\u2014the Central Bank, Master, J&F, or BRB\u2014commented on the matter.<\/p>\n

*By\u00a0Maria Cristina Fernandes, Valor\u00a0\u2014 S\u00e3o Paulo<\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Businessman Joesley Batista visited Gabriel Gal\u00edpolo amid J&F\u2019s interest in the Brazilian bank\u2019s assets       05\/02\/2025 Gabriel Gal\u00edpolo, chair of Brazil\u2019s 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, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[23772,26081,21285],"class_list":["post-94024","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-brazils-central-bank","tag-interest-in-the-brazilian-banks-assets","tag-jf-2"],"yoast_head":"\nJ&F in talks with Brazil\u2019s Central Bank chief over Master deal - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/jf-in-talks-with-brazils-central-bank-chief-over-master-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"J&F in talks with Brazil\u2019s Central Bank chief over Master deal - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Businessman Joesley Batista visited Gabriel Gal\u00edpolo amid J&F\u2019s interest in the Brazilian bank\u2019s assets       05\/02\/2025 Gabriel Gal\u00edpolo, chair of Brazil\u2019s 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. 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