By Brazil Stock Guide – Banco de Brasília S.A. (BRB) said that hiring a law firm to review its operations with Banco Master reflects its focus on “prudence and responsible asset management.” The bank emphasized that the decision aligns with its commitment to sound governance and risk evaluation practices.
According to Broadcast, part of Grupo Estado, BRB hired Jantalia Advogados for 420,000 reais to examine transactions involving Banco Master. In a statement, the bank noted it “regularly engages legal, accounting, and financial advisors, as well as audit firms, to analyze scenarios and support decision-making,” adding that “the mentioned initiative follows this operational pattern.”
The move comes months after Brazil’s central bank rejected BRB’s offer to acquire Banco Master, owned by Daniel Vorcaro, in March. The decision increased pressure on Master, which is now seeking to raise capital and sell its digital banking arm, will Bank.
As reported by Broadcast, Mastercard Inc. (NYSE: MA) has been involved in efforts to facilitate the negotiations, though sources close to the company said the responsibility for selling the fintech remains with Banco Master. The bank declined to comment.