The Minister of Finance, Fernando Haddad, stated, this Tuesday (18), that the investigations into Banco Master must be very robust to have led to the arrest of its owner, Daniel Vorcaro.
During a press interview, Haddad avoided commenting on the Federal Police (PF) operation, but said that the department is at the disposal of the Central Bank (BC), which will deal with developments in the case.
“The Central Bank is the regulatory body of the financial system and I am sure that, to have reached this point, this entire process must be very robust”, he said, upon arriving at the Ministry of Finance headquarters this morning.
Prison
Brasília (DF) 11/18/2025 – Daniel Vorcaro was arrested when he tried to leave the country. Photo: Banco Master – Master Bank
Vorcaro was arrested by the PF in Guarulhos Airport, in São Paulo, while trying to leave the country. The arrest takes place within the scope of Operation Compliance Zero, launched today, with the aim of combating the issuance of false credit securities by financial institutions that are part of the National Financial System.}
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Liquidation
The BC also communicated, today, the extrajudicial liquidation of Master Corretora de Câmbio, Titles and Real Estate Securities. The municipality also declared the assets of the group’s controllers and former administrators unavailable.
“I think that the Central Bank will provide information as far as it is able, as the settlement process progresses. What is up to the Treasury is to provide support for the consequences of this act; if there are any, we are here ready to collaborate”, stated Minister Haddad.
With the liquidation of Master Corretora, one of the consequences, for example, is the use of the Credit Guarantee Fund (FGC) to reimburse investors. “It’s something that concerns the financial system as a whole, but then we’ll see the consequences and the impact of this”, added Haddad.
A private entity managed by associated banks, but regulated by the National Monetary Council (CMN), the FGC guarantees account balances and investments by individuals and legal entities of up to R$250,000 for each financial institution, with a global limit of up to R$1 million in four years. Money is paid to investors in case of bankruptcy or liquidation of the financial institution.
In August, in extraordinary meeting, the CMN tightened financial institutions to be able to join the fund. Scheduled to come into force on June 1, 2026, the new rules were defined after the Banco Master is now being investigated by the Public Ministry of the Federal District and Territoriesamid the announcement of the purchase of Master by Banco de Brasília (BRB), a financial institution linked to the government of the Federal District.
