Fictor Holding Financeira announced the acquisition of Banco Master on the afternoon of Monday, November 17th. The purchase was made in conjunction with a consortium of investors from the United Arab Emirates with over US$100 billion in assets under management. The value of the transaction was not disclosed.
The proposal for Master involves the purchase of all shares held by Daniel Vorcaro , owner of Banco Master.
According to a statement from Fictor, the operation includes an immediate investment of R$ 3 billion to strengthen Master's capital structure. The completion of the deal is still subject to approval from the Central Bank and CADE (Brazil's antitrust authority).
The announcement comes after a stalemate involving BRB , which had advanced in negotiations to acquire Master, but had the process halted by the Central Bank in September, even after Cade had already approved the operation.
In the application submitted to the Central Bank, Fictor foresees changes in Master's governance, including alterations to the statutory board, the formation of a new council, and a change in the institution's corporate name, which will become Banco Fictor.
The consortium announced that, following regulatory approval, it will elect a new CEO.
The transaction does not include Willbank or Banco Master de Investimentos, which are still in the process of negotiating with other groups.
The Fictor Group brings together investments in sectors such as finance, infrastructure and food, with a presence in Brazil, the United States and Europe.
The holding company claims to have over 6,000 employees and a portfolio of more than 30 companies. In the financial sector, the group already operated through the asset management firm Fictor Asset and Fictor Pay, an operation focused on payment methods.
