One month after blocking the purchase of part of Banco Master by Banco de Brasília (BRB), the Central Bank (BC) approved this Monday (13) a capital increase of R$840 million in two institutions controlled by the group. The decision comes amid the biggest review of regulations on the financial sector in recent years.
According to the BC, the Banco Master Múltiplo may receive R$420 million in capital injection. Digital arm of the group, the Will Financeira (Will Bank) is authorized to receive R$419 million. With the contributions, Master’s share capital rises to R$1.586 billion, while Will Financeira’s capital reaches R$789 million.
Capitalization occurs just one month after the Central Bank rejectat the beginning of September, BRB’s proposal to acquire control of Banco Master. The operation was valued at R$2 billion.
The deal provided for the purchase of 49% of the common shares and 100% of the preferred shares, which would give the Federal District public bank 58% of Master’s total capital. The transaction was rejected after regulatory review and challenge from the Public Ministry of the Federal District and Territories (MPDFT)which pointed out procedural irregularities and had requested the suspension of the deal.
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Controversy
The rejection marked the end of one of the most controversial negotiations in the financial sector in 2025. Banco Master had been the target of distrust in the market due to its aggressive funding policy, offering yields well above the average. In some cases, the bank offered up to 140% of the Interbank Deposit Certificate (CDI), backed by risky assets, such as court orders (government debts with a final court ruling).
The business model led to the opening of investigations by the MPDFT and the Federal Public Ministry (MPF) and the adoption of stricter measures by the National Monetary Council (CMN). In May, the Federal District Court of Justice suspended the purchase by BRB, but the injunction was revoked days later.
In August, the CMN new rules for the Credit Guarantee Fund (FGC)imposing leverage limits (investments with borrowed resources) and increasing contributions from banks with a higher risk profile.
The changes, which come into force in June 2026, were justified by the BC as a way to reduce the so-called “moral risk” – when institutions take excessive risks because they have FGC protection.
Reinforcement of assets
Even in the face of the adverse scenario, the Master group maintained the asset reinforcement plan. Added to the two previous capital increases, of R$1 billion each, carried out throughout the year, the amount injected in 2025 reaches R$2.84 billion.
Will Bank, controlled by the group and aimed at the digital public, remains listed as an asset for sale. The BC’s approval is seen as an attempt to stabilize the conglomerate’s finances and preserve its liquidity, after months of regulatory pressure and speculation about its solvency situation.
Despite the restrictions imposed on the acquisition by BRB, the Central Bank’s decision indicates the possibility that the Master group can continue to operate, as long as it is reinforced with its own capital and subject to stricter prudential rules.
