By Brazil Stock Guide – Banco de Brasília, known as BRB, said the second phase of a federal police operation is expected to strengthen efforts to recover funds tied to the liquidation of Banco Master, where the lender is a creditor.
The operation, launched on Wednesday (14), includes search and seizure warrants and court-ordered asset freezes linked to former banker Daniel Vorcaro, the owner of Banco Master. Authorities also authorized the seizure and blocking of assets totaling 5.7 billion reais, a move BRB said increases the likelihood of recovering outstanding obligations.
BRB said it is acting in line with creditor priority rules while continuing to pursue the full recovery of amounts owed. According to the bank, the asset freezes enhance the effectiveness of measures aimed at returning resources connected to the failed institution.
Federal investigators allege that Vorcaro led a scheme involving fake credit portfolios that were sold to BRB for 12.2 billion reais. Vorcaro was arrested during the first phase of the investigation in November 2025, one day before Brazil’s central bank ordered Banco Master into extrajudicial liquidation. He has since been released.
BRB had previously submitted a proposal to acquire Banco Master in March last year, but the transaction was rejected by the central bank. Following the decision, regulators moved forward with the liquidation process, which remains ongoing.
The bank said it has held meetings with the court-appointed liquidator, Eduardo Bianchini, and that discussions on the recovery of its funds have advanced. Earlier this week, BRB indicated it could receive capital injections from the government of the Federal District to offset potential losses related to the Master exposure.
BRB said it continues to operate normally, maintaining full financial services across credit, investment products and both digital and in-person channels.
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