An accounting maneuver would have allowed Digimais to declare a profit of R$31 million in 2025 and hide at least R$480 million in overdue credits, according to information revealed by the newspaper O Estado de S. Paulo
O Banco Digimais, controlled by Bishop Edir Macedoused investment funds to remove bad credits from their balance sheets and avoid recording million-dollar losses linked to default on vehicle financing. The information was revealed by audit documents obtained by newspaper O Estado de S. Paulo.
According to documents obtained by the newspaper, the mainly financing vehicles with high default rates, for exclusive Credit Rights Investment Funds (FIDCs).
The operation allowed Digimais to record net profit of R$31 million in 2025. However, the investigation shows that at least R$480 million in overdue credits were no longer recorded directly in the bank’s balance sheet, which generated reservations from independent auditors.
Rotten portfolios and defaults
One of the funds used in the operation is FIDC Tabor, which is held by Digimais itself. In April 2026, the fund had R$960 million in credit portfolios, of which R$575 million was in default, almost 60% of the total.
More than R$200 million corresponds to debts due up to two years ago. Despite this, a relevant part of these losses does not appear broken down in the bank’s financial statements.
Experts interviewed by Estadão state that the fund’s level of default is considered critical. According to accounting expert Alexandre Ripamonti, funds with more than 50% default normally are heading towards closure due to the low prospect of recovering values.
Financial structures
Analysts assess that the use of FIDCs by Digimais deviates from the standard normally adopted by the market. For Gabriel Uarian, an investment specialist, the aggressive transfer of problematic credits to funds indicates difficulties in portfolio management.
Furthermore, the holding company linked to Edir Macedo purchased R$741 million in shares from another fund, Hermonwhose main asset is a billion-dollar legal dispute involving compensation related to the former Companhia de Mineração e Siderurgia, incorporated during the Getúlio Vargas government in the process of creating Vale do Rio Doce.
The fund estimates it has R$2.2 billion to receive, but the case has been pending in court for decades and still faces controversies over payment calculations.
Operations ‘Zé com Zé’
The documents reveal that Digimais transferred credit portfolios with high default rates to investment funds (FIDCs). In practice, this made it possible to remove these problematic debts from the bank’s official balance sheet, artificially reducing the impact of losses and improving the financial results presented to the market.
The point that draws the most attention is that Digimais itself appears as an investor in some of these funds. In other words: the bank sells problematic credits to financial structures in which it itself participates, a type of operation known in the market as “Zé with Zé”. In this way, the assets officially leave the bank’s balance sheet, giving the impression that they were sold to independent third parties.
In practice, the institution’s real financial situation changes little, but the published balance sheets start to show a healthier image of the bank. Experts say that this type of structure also makes it difficult for auditors and investors to identify real risks.
old cars
Vehicle financing has always been Digimais’ main business. In 2021, this segment represented 94% of the bank’s credit portfolio.
According to store owners interviewed by Estadão, Digimais usually approves financing for old, cheap cars and for customers already in debtoperations considered more risky in the market.
The interest charged is also among the highest in the country. In December 2025, the bank recorded a rate of 2.97% per month on vehicle financing, equivalent to 41.07% per year, according to data from the Central Bank.
Negotiation with BTG Pactual
While facing questions about its financial situation, Digimais is negotiating a possible sale to BTG Pactual. In a note to Estadão, the BTG reported that it signed binding documents for a potential acquisition of the bankmainly from its customer base.
The operation, however, still depends on an auction, financial conditions and possible participation of the Credit Guarantee Fund (FGC).
“The operation has not been completed and must take place through an auction. The eventual transaction also depends on financial support mechanisms, including the participation of the Credit Guarantee Fund (FGC)”, the bank told Estadão.
*With information from Estadão Conteúdo
