The history of Banco Master is relatively recent. The financial institution gained its name in 2021, but it existed long before that. Banco Master was created as the Máxima brokerage in the 1970s and became a bank in the 1990s.
Experiencing financial difficulties in the early 2010s, the company passed in 2018. With a corporate and operational change, in addition to a capitalization of R$400 million, Máxima became Master.
Headquartered in the trendy area of Avenida Faria Lima, the financial center of São Paulo, Banco Master went from having a net worth of R$219 million to more than R$5 billion in a period of five years.
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The growth strategy was based on different investment theses, such as investments in companies in crisis – what the market calls purchase and turnaround of companies distress. Master carried out operations of this type with Veste (), formerly Restoque, owner of the brands Le Lis Blanc, Dudalina and John John, Metalfrio and Flytour.
The Master also grew with the offer of Bank Deposit Certificates (CDB) with very aggressive remuneration – in some cases, above 130% of the CD – when market practice is normally up to 110% of the CDI.
With the strategies, the bank grew quickly. In 2018, when the new management took over the operation, revenue was around R$190 million and, the following year, it closed at around R$1 billion.
Acquisitions: the Master Conglomerate
With its cash flow full, Master made a series of acquisitions: it purchased the investment bank Vipal and, in February 2024, acquired control of will bank. At the time of the acquisition, Vorcaro stated that, with the purchase, “we now have a complete digital ecosystem, with robust technology and capillarity in the distribution of financial products”.
The conglomerate also purchased Banco Voiter (the former Indusval) last year, but sold controlling interest to Augusto Lima, Vorcaro’s partner at Master, in August 2025. In addition to Lima and Vorcaro, Maurício Quadrado is also one of Master’s major shareholders.
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The company also launched Kovr Seguradora, its insurance brand, which was sold to J&F, owned by brothers Joesley and Wesley Batista, a few months ago.
