The scandal involving Banco Master represents politically delicate territory before the 2026 elections. The situation gained prominence after the Central Bank decreed the liquidation of the financial institution, following the veto of the purchase of the bank by BRB.
According to Christopher Garman, executive director of Eurasia Group, the potential for damage is significant, mainly due to the extensive network of political relationships maintained by the owner of Banco Master, which covers leaders from the center, right and left of the Brazilian political scene.
The case could trigger a series of investigations that would reveal possible inappropriate relationships between political leaders and the bank’s fraudulent operations. The breadth of these connections has generated speculation about which political figures may be involved.
The scenario presents particular risks for the 2026 elections, especially if the investigations evolve into a broad anti-corruption operation in Brasília. Just as police actions in Rio de Janeiro highlighted public security issues, the Master case could put the issue of corruption back in the spotlight.
Investigations can significantly influence the electoral debate, considering that presidential campaigns are often defined by the issues that most concern the electorate and the credibility of the candidates in relation to these issues.
