{"id":95671,"date":"2025-09-05T11:19:43","date_gmt":"2025-09-05T14:19:43","guid":{"rendered":"https:\/\/murray.adv.br\/?p=95671"},"modified":"2025-09-05T11:19:43","modified_gmt":"2025-09-05T14:19:43","slug":"blocked-merger-leaves-master-with-few-lifelines","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/blocked-merger-leaves-master-with-few-lifelines\/","title":{"rendered":"Blocked merger leaves Master with few lifelines"},"content":{"rendered":"<section class=\"content--header\">\n<div class=\"row content-head non-featured \">\n<div class=\"title\">\n<h6 class=\"content-head__title\" style=\"text-align: center\"><em><strong>Failure of deal with Banco de Bras\u00edlia raises risk of costly payout by deposit guarantee fund<\/strong><\/em><\/h6>\n<\/div>\n<\/div>\n<div class=\"content__signa-share\">\n<div class=\"content__signature\">\n<div class=\"content-publication-data\">\n<div class=\"content-publication-data__text\">\n<div class=\"content-publication-data__from\"><\/div>\n<p class=\"content-publication-data__updated\">09\/05\/2025<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"content__share-bar-container\">\n<div class=\"content__share-bar\"><\/div>\n<\/div>\n<\/div>\n<\/section>\n<div id=\"mc-article-body\" class=\"mc-article-body \">\n<article>\n<div class=\"no-paywall\">\n<div class=\"row medium-uncollapsed content-media content-photo\" data-block-type=\"backstage-photo\" data-block-id=\"0\">\n<div class=\"mc-column content-media__container\" data-image-display=\"normal\">\n<div class=\"content-media-container\" style=\"text-align: center\">\n<figure class=\"content-media__figure\"><img loading=\"lazy\" decoding=\"async\" class=\"content-media__image aligncenter\" src=\"https:\/\/s2-valorinternational.glbimg.com\/3LlpzGHTKdRONTcoh0jk1iBlyDI=\/984x0\/smart\/filters:strip_icc()\/i.s3.glbimg.com\/v1\/AUTH_63b422c2caee4269b8b34177e8876b93\/internal_photos\/bs\/2025\/7\/O\/Sz7mDwThupPk8mvgcYXA\/foto05fin-101-master-c1.jpg\" alt=\"Central Bank data show Master held R$62.2 billion in deposits eligible for FGC coverage \u2014 Foto: Divulga\u00e7\u00e3o\" width=\"1153\" height=\"875\" \/><figcaption class=\"content-media__description\"><em>Central Bank data show Master held R$62.2 billion in deposits eligible for FGC coverage \u2014 Photo: Divulga\u00e7\u00e3o<\/em><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mc-column mc-side-item__container\" data-block-type=\"ads\" data-block-id=\"1\"><\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"60\" data-block-id=\"2\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">The Central Bank\u2019s decision\u00a0<a class=\"\" href=\"https:\/\/valorinternational.globo.com\/business\/news\/2025\/09\/04\/brazils-central-bank-blocks-brb-deal-masters-fate-unclear.ghtml\" data-mrf-link=\"https:\/\/valorinternational.globo.com\/business\/news\/2025\/09\/04\/brazils-central-bank-blocks-brb-deal-masters-fate-unclear.ghtml\">to block a merger between Banco Master and Banco de Bras\u00edlia (BRB)<\/a>\u00a0has left few alternatives for the financial institution controlled by Daniel Vorcaro. The outcome places Master on the verge of regulatory intervention and, ultimately, liquidation, unless it can resubmit the deal or find a new buyer within days, scenarios analysts see as highly unlikely.<\/p>\n<\/div>\n<div class=\"wall protected-content\">\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"61\" data-block-id=\"3\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">In the event of an intervention, the Central Bank would remove the bank\u2019s executives and appoint an administrator, who would then trigger the Credit Guarantee Fund (FGC) to cover Master\u2019s deposits. While drastic, this is the standard course when no market solution is available for a struggling bank, or when a deal poses a greater systemic risk than allowing a failure.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"51\" data-block-id=\"4\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">This was the approach taken in Master\u2019s case, despite political pressure surrounding the decision. The Central Bank did not disclose details, but Valor learned that overvalued loan portfolios were among the problems identified. Should intervention confirm that the bank cannot survive, regulators could order an extrajudicial liquidation to wind down operations.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"36\" data-block-id=\"6\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Because Master expanded by heavily raising funds through certificates of deposit (CDBs), the bill would fall mostly on the FGC, meaning the cost would be borne by large banks and other member institutions of the fund.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"62\" data-block-id=\"7\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Master has not yet published its first-half results. Central Bank data show it held R$62.2 billion in deposits eligible for FGC coverage. Since the fund guarantees up to R$250,000 per depositor, the actual payout would be smaller. Still, when the BRB deal was announced on March 28, estimates suggested the FGC might have to cover around R$50 billion if the bank failed.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"2\" data-block-id=\"8\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Costly payout<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"76\" data-block-id=\"9\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">With R$107.8 billion in available liquidity, the FGC could see nearly half its resources depleted. In that case, it would likely increase contribution rates and require banks to pay in advance the equivalent of five years of deposits. Financial institutions currently contribute 0.01% per month of eligible deposits. Though small, if doubled and accelerated, the amounts would reach billions of reais for major banks. Ita\u00fa Unibanco alone might have to contribute about R$5 billion, sources said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"20\" data-block-id=\"10\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Other large banks would also face billion-real charges. While this solution avoids public money, it could push up lending spreads.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"28\" data-block-id=\"11\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Master grew rapidly by attracting retail investors with CDBs offering above-market yields, all covered by the FGC. However, the bank invested the funds in risky and illiquid assets.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"42\" data-block-id=\"12\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Founded 30 years ago, the FGC has since guaranteed deposits in 40 failed institutions. Its largest historical payout was R$3.7 billion in 1997 to cover Bamerindus, equivalent to R$19.6 billion today. A bailout of Master would be the biggest in its history.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"40\" data-block-id=\"14\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">The bank holds only R$690 million in demand deposits, shielding it from mass withdrawals. Most funding is in term deposits, which cannot be redeemed before maturity. Investors can only try to sell them on secondary markets, often at a discount.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"40\" data-block-id=\"15\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Master\u2019s urgent challenge is meeting maturing deposits. Some CDBs pay up to 140% of the interbank rate (CDI), pushing costs higher. \u201cThe CDI alone is at 15% a year, so the carrying cost is extremely high,\u201d a banking executive said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"2\" data-block-id=\"16\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>New deal<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"37\" data-block-id=\"17\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Both BRB and Master signaled plans to appeal within the Central Bank, possibly by addressing flagged issues and resubmitting the deal. Analysts, however, see slim chances of approval. The banks have ten days to request a review.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"74\" data-block-id=\"18\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Mr. Vorcaro could also look for another buyer, but this would require a large group capable of closing quickly, an unlikely scenario. He visited the Central Bank headquarters in Bras\u00edlia on Thursday (4), but people familiar with the matter consider a last-minute solution improbable. In recent months, Mr. Vorcaro negotiated asset sales with BTG Pactual and J&amp;F, the Batista family\u2019s holding company. In May, BTG bought R$1.5 billion in shares, receivables, and other assets.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"68\" data-block-id=\"19\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">\u201cThe chance of a new buyer is very low. There\u2019s no time for due diligence, especially with Master\u2019s complex balance sheet,\u201d said a lawyer experienced in such transactions. \u201cThe Central Bank\u2019s rejection of the BRB deal is practically a \u2018pre-intervention.\u2019 It\u2019s hard to see how the next step won\u2019t involve the FGC,\u201d added a senior banking executive, noting that regulators conducted an unusually deep review of Master\u2019s situation.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"51\" data-block-id=\"20\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">A quicker way for the bank to raise cash would be to sell loan portfolios, a simpler process than asset sales, though it could worsen challenges later. It might also face Central Bank resistance. \u201cThe regulator is watching everything under a microscope, down to a R$100 instant payment,\u201d one source said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"43\" data-block-id=\"22\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Master has also faced a turbulent week. Federal Police and prosecutors\u00a0<a class=\"\" href=\"https:\/\/valorinternational.globo.com\/busca\/click?q=pcc&amp;p=3&amp;r=1757073862673&amp;u=https%3A%2F%2Fvalorinternational.globo.com%2Fmarkets%2Fnews%2F2025%2F08%2F29%2Fcriminal-probe-reveals-compliance-gaps-in-brazils-financial-sector.ghtml&amp;syn=False&amp;key=e8a69684424d37e6b4075ea3b7819174\" data-mrf-link=\"https:\/\/valorinternational.globo.com\/busca\/click\">launched a major operation against 40 funds\u00a0<\/a>allegedly used to launder money for organized crime. Among the targets were\u00a0<a class=\"\" href=\"https:\/\/valorinternational.globo.com\/business\/news\/2025\/09\/01\/reag-in-talks-to-sell-control-after-police-raid.ghtml\" data-mrf-link=\"https:\/\/valorinternational.globo.com\/business\/news\/2025\/09\/01\/reag-in-talks-to-sell-control-after-police-raid.ghtml\">Reag and Trustee<\/a>, firms with extensive business ties to Mr. Vorcaro and Master.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"24\" data-block-id=\"23\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Meanwhile, a political maneuver by Congress\u2019s centrist bloc t<a class=\"\" href=\"https:\/\/valorinternational.globo.com\/politics\/news\/2025\/09\/03\/centrist-parties-back-bill-that-could-oust-central-bank-official.ghtml\" data-mrf-link=\"https:\/\/valorinternational.globo.com\/politics\/news\/2025\/09\/03\/centrist-parties-back-bill-that-could-oust-central-bank-official.ghtml\">o allow lawmakers to dismiss Central Bank directors<\/a>\u00a0highlighted Mr. Vorcaro\u2019s lobbying pressure, triggering strong pushback.<\/p>\n<\/div>\n<div data-track-category=\"multicontent\" data-track-action=\"ultimo chunk conteudo\" data-track-noninteraction=\"false\" data-track-scroll=\"view\">\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"48\" data-block-id=\"24\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Public opinion also turned after images surfaced of Mr. Vorcaro vacationing in Europe while Master was in crisis and had already borrowed R$4 billion from the FGC. He reportedly tried to secure further emergency liquidity from the fund in recent weeks but was denied. Master declined to comment.<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">*By\u00a0\u00c1lvaro Campos,\u00a0Talita Moreira\u00a0and\u00a0Gabriel Shinohara\u00a0\u2014 S\u00e3o Paulo and Bras\u00edlia<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Source: Valor International<\/p>\n<p>https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Failure of deal with Banco de Bras\u00edlia raises risk of costly payout by deposit guarantee fund 09\/05\/2025 Central Bank data show Master held R$62.2 billion in deposits eligible for FGC coverage \u2014 Photo: Divulga\u00e7\u00e3o The Central Bank\u2019s decision\u00a0to block a merger between Banco Master and Banco de Bras\u00edlia (BRB)\u00a0has left few alternatives for the financial [&hellip;]<\/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":[26393],"class_list":["post-95671","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-blocked-merger-leaves-master-with-few-lifelines"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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