By Brazil Stock Guide – The Central Bank of Brazil unleashed one of its most far-reaching financial interventions in years, ordering the extrajudicial liquidation of Banco Master S.A. and Master S/A Corretora de Câmbio, Títulos e Valores Mobiliários, while placing Banco Master Múltiplo S.A. under Temporary Special Administration (Raet). All three decisions were published on November 18 and effectively bring the group’s operations under state control.
Liquidation of Banco Master S.A.
The regulator dissolved Banco Master S.A., based in Rio de Janeiro, and appointed EFB Regimes Especiais de Empresas Ltda., led by Eduardo Felix Bianchini, as liquidator. The order froze the assets of the group’s controlling shareholders and former executives: Master Holding Financeira S.A., 133 Investimentos e Participações Ltda., Armando Miguel Gallo Neto, Daniel Bueno Vorcaro, Felipe Wallace Simonsen, and four former senior managers.
Raet Imposed on Banco Master Múltiplo S.A.
The Central Bank then placed Banco Master Múltiplo S.A. under Raet for up to 120 days, again installing EFB and Bianchini as administrator. The measure repeated the asset freeze for the same controllers and former executives and opens a phase of deep oversight to stabilize the institution and assess risks.
Brokerage Also Liquidated
A third act ordered the extrajudicial liquidation of Master S/A Corretora de Câmbio, Títulos e Valores Mobiliários, justified as an extension of the liquidation of Banco Master S.A. due to shared control and management. The Central Bank set September 19, 2025, as the legal start date and froze the assets of additional former executives: José Ricardo de Queiroz Pereira, Reinaldo Hossepian Salles Lima and Vinicius da Silva Pinto.
A Coordinated Intervention
All entities are now administered from the same operational base in São Paulo’s Vila Olímpia district, underscoring the regulator’s view of severe governance failures and interconnected risks across the conglomerate. While the Central Bank did not disclose the specific triggers for intervention, the synchronized actions signal an integrated resolution strategy for a group facing significant structural and regulatory breaches.
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