By Brazil Stock Guide – Will Bank, the digital lender that belonged to the Banco Master group, drew acquisition interest from Brazilian TV host and entrepreneur Luciano Huck before Brazil’s central bank decreed the extrajudicial liquidation of the financial conglomerate. Discussions advanced during 2025 but were later abandoned after a reassessment of execution risk and capital requirements tied to the asset.
According to reporting by O Globo columnist Lauro Jardim, in August, the talks were led by EB Capital, the asset manager that brought Huck into the negotiations. People familiar with the process said due diligence on Will Bank was already at an advanced stage when potential buyers decided not to proceed with the transaction.
The conclusion was that a full turnaround of the digital bank would take longer and require more capital than initially expected, increasing risk at a time when EB Capital was expanding its exposure to credit. Within the Master conglomerate, Will Bank was widely viewed as one of the most attractive assets, given its customer base and growth potential.
That investment thesis unraveled as financial stress at Banco Master intensified. Brazil’s central bank ultimately moved to liquidate the bank and its controlled entities, effectively closing the door on a conventional sale of Will Bank under the terms previously discussed. Before regulatory intervention, the group had hired a financial advisory firm to assist with asset disposals and shore up liquidity amid mounting supervisory scrutiny.
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