Latest news with #BancoMaster
Bloomberg
3 days ago
- Business
- Bloomberg
Banco Master CEO Injects $364 Million, Easing Path to Takeover
Banco Master SA 's controlling shareholder agreed to inject 2 billion reais ($364 million) into the company in an effort to persuade regulators to approve a merger with Banco de Brasília SA, according to a person familiar with the matter. The capital increase by Chief Executive Officer Daniel Vorcaro is part of a plan negotiated between the companies and Brazil's central bank, the person said, asking not to be identified because the discussions are private.
Bloomberg
27-05-2025
- Business
- Bloomberg
BTG to Buy Assets from Banco Master, Shareholders
Banco BTG Pactual SA has reached an agreement to acquire about 1.5 billion reais ($266 million) in assets from troubled Banco Master SA and its shareholders, according to people with knowledge of the matter. The assets include the five-star Fasano hotel located in Itaim, one of São Paulo's most upscale neighborhoods, according to the people, who asked not to be identified discussing private information.
Bloomberg
16-05-2025
- Business
- Bloomberg
Batista Brothers to Back Out of Talks for Banco Master Assets
By and Gerson Freitas Jr Save Joesley and Wesley Batista, the brothers who control meat giant JBS SA through their family holding J&F Investimentos SA, are no longer in talks to acquire some of Banco Master's assets amid lingering concerns over the lender's financial stability, according to people familiar with the matter. Banco Master has been at the center of market turbulence in Brazil since it announced a merger with BRB SA, stoking concerns from the central bank and other financial companies that its potential liquidity shortfalls may require broad intervention. J&F had been in discussions with Banco Master owner Daniel Vorcaro about assets including a stake in mining company Itaminas, but ultimately deemed a deal too risky, one of the people said.
Bloomberg
10-05-2025
- Business
- Bloomberg
Brazilian Court Lifts Block on BRB Acquisition of Banco Master
A Brazilian judge revoked a court decision that blocked the planned sale of Banco Master SA to BRB SA because of an alleged failure by the banks to comply with legal requirements for an acquisition. Federal District Judge João Egmont Leoncio Lopes ruled that there is 'no real urgency or risk of irreparable damage' to justify the decision that suspended the deal earlier this week. Lopes added that the transaction depends on prior approval from regulatory bodies.
Reuters
07-05-2025
- Business
- Reuters
Brazil judge blocks lender BRB from signing purchase of Banco Master
BRASILIA, May 6 (Reuters) - A Brazilian judge on Tuesday blocked state-run bank BRB ( opens new tab from signing the definitive contract to buy assets from fellow lender Banco Master, according to a court order seen by Reuters. In his order, judge Carlos Fernando Fecchio dos Santos accepted the request made by prosecutors, who asked for the block as they argued BRB would need previous shareholders and lawmakers approval to sign the definitive document. Under the agreement announced in March, which is still subject to regulatory approval, BRB will purchase 49% of Banco Master's common shares and 100% of its preferred shares, totaling 58% of the bank's capital. BRB, which had disagreed from the prosecutors arguing in the court proceedings, said in a statement that it became aware of the decision, noting the judge's order still authorizes it to execute the acts previous to the definitive signing of the deal. Banco Master declined to comment. due diligence held by BRB. ($1 = 5.7141 reais)
