BTG Pactual and J&F sought legal security for Banco Master asset purchases

BTG Pactual and J&F sought a comfort letter from the Central Bank in October 2025 to ensure legal security regarding the acquisition of assets from Banco Master. According to Ailton de Aquino, Director of Supervision at the Central Bank, the request aimed to prevent future legal challenges to the transactions in the event of the bank's liquidation.

This move followed a similar model used by J&F during its acquisition of Korv Seguradora via PicPay. BTG Pactual's transactions involving Master assets totaled approximately 1 billion reais. The Central Bank subsequently announced the extrajudicial liquidation of Banco Master on November 18, 2025.

Separately, Federal Police investigations are targeting Daniel Vorcaro, the former administrator of Banco Master, on suspicion of selling fraudulent credit portfolios to the state-owned BRB.