Federal Police arrest Daniel Vorcaro, owner of Banco Master

A arrested, on Tuesday (18), the businessman owner of em . He was detained when he tried to leave the country on a private jet and then taken to the PF Superintendency in São Paulo.

The arrest occurred one day after the announcement that a consortium led by Fictor Holding Financeira had reached an agreement to buy Banco Master.

The PF carries out five preventive arrest warrants, two temporary arrest warrants and 25 search and seizure warrants, in addition to other precautionary measures, in the states of Rio de Janeiro, São Paulo, Minas Gerais, Bahia and the Federal District.

BC decrees liquidation of Banco Master

O this Tuesday decreed the extrajudicial liquidation of Banco Master, less than a day after the Fictor Group indicated its interest in buying the institution. According to people who follow the issue closely, the settlement ends the possibility of the agreement moving forward.

The settlement was signed by the president of the BC, Gabriel Galípolo. According to the term, Master SA Corretora de Câmbio is also under judicial liquidation. EFB Regimes Especiais de Empresas was appointed liquidator, with broad administration and liquidation powers.

Master’s judicial liquidation has been on the market’s radar since September, when the BC denied authorization for Banco de Brasília (BRB) to acquire the company. Master’s business model was considered problematic, as the bank issued securities guaranteed by the FGC and paid rates well above the market.

The announcement comes almost a month after the offer to purchase a stake in the institution by Banco de Brasília (BRB) was vetoed. The measure puts an end to an accelerated process of Master’s growth, which was based on two pillars: raising funds by paying investors interest rates well above the market average and the purchase of assets with low liquidity, such as companies with financial problems, court orders and credit rights.

*Updating