By Brazil Stock Guide – BTG Pactual (BPAC11) said on Wednesday it has signed binding agreements to acquire control of Banco Digimais, a lender associated with Edir Macedo. The transaction, however, comes without a disclosed valuation and remains subject to a competitive bidding process and regulatory approvals.
The agreement sets a reference framework for the sale of 100% of Digimais’ shares and related rights, but stops short of defining a final price. Instead, the structure provides for a formal competitive process in which other bidders may participate. BTG will only complete the acquisition if its proposal is declared the winning bid — effectively turning the deal into a controlled auction rather than a negotiated purchase.
The absence of a defined valuation underscores the uncertainty around Digimais’ financial position and future capital needs. The transaction also provides potential financial support mechanisms, suggesting the asset may require restructuring or additional funding. Closing remains conditional on approvals from Brazil’s Central Bank and antitrust regulator Cade.
The potential sale of Digimais to BTG Pactual was first reported by Valor Econômico earlier in the day. Completion still depends on a possible loan from Brazil’s Deposit Guarantee Fund (FGC).
Digimais has faced high delinquencies since the Covid-19 pandemic. This has eroded capital and required recurring support. In 2025, investor Maurício Quadrado, former shareholder of Banco Master, announced a deal to acquire the bank, but the transaction did not go through.
The bank has yet to publish its 2025 results. As of September, it had R$9.3 billion in assets and R$420 million in equity, according to Central Bank data. Its loan book totaled R$1.88 billion, while securities holdings reached R$2.28 billion.
Who is Edir Macedo
Edir Macedo is one of Brazil’s most powerful religious and business figures. He is the founder of the Universal Church of the Kingdom of God, a global evangelical organization with millions of followers.
Beyond religion, Macedo built a diversified business empire that includes Record TV, one of Brazil’s largest television networks, as well as investments in finance and real estate. For BTG, the move fits a familiar playbook: entering situations where pricing is uncertain, competition is structured and execution drives value. For investors, the key question is not the headline — but whether Digimais is a scalable platform or another asset that will demand time, capital and discipline.
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