BRB: decision to buy Master was taken at a meeting in Switzerland with Ibaneis, Paulo Henrique and Vorcaro, points out Federal Police

Governor of the DF, Ibaneis Rocha (MDB) (left), and owner of Banco Master, Daniel Vorcaro (right) — Photo: Renato Alves/Agência Brasília and Banco Master/Disclosure

The attempted purchase of Banco Master by Banco de Brasília (BRB) began to be discussed at a meeting in Zurich, Switzerland, in January 2025, according to new reports sent by the Federal Police to the Federal Supreme Court (STF).

The meeting brought together the then governor of the Federal District, Ibaneis Rocha (MDB), businessman Daniel Vorcaro, owner of Master until the bank's liquidation, and Paulo Henrique Costa, who presided over BRB.

According to the investigators, negotiations had already been prepared since October 2024 – when BRB placed shares on the market to try to raise up to R$1 billion and increase its share capital.

This articulation functioned as "preparatory steps for future consolidation" of the acquisition of Banco Master.

To g1, Ibaneis' lawyer, Antônio Carlos de Almeida Castro, known as Kakay, said he is still reading the report before speaking out. TV Globo tries to contact the defense Daniel Vorcaro and Paulo Henrique Costa.

The meeting was scheduled at the request of the governor

According to the PF report, Paulo Henrique Costa informed Daniel Vorcaro that Ibaneis had asked to schedule a meeting. — Photo: Reproduction

🔍 The report is based on messages obtained from the cell phones of Paulo Henrique Costa and Daniel Vorcaro, owner of Master. Currently, both are in prison.

According to the investigation, in:

January 20, 2025: Paulo Henrique Costa informed Daniel Vorcaro that governor Ibaneis Rocha had asked to schedule a meeting (see PRINT above).

January 23: Daniel Vorcaro, Ibaneis Rocha, Paulo Henrique Costa and a fourth interlocutor, identified in the report only as "Leonardo", meet in Zurich, capital of Switzerland.

January 26: Vorcaro sends a message to Paulo Henrique asking about the negotiation – and says that the question came from journalist Lauro Jardim, from the newspaper O Globo. In the conversation, according to the PF, Paulo Henrique shows concern about the leak of the deal, and says that they did not expand "the scope of the people involved in the deal [in the negotiation]".

From October 2024 to February 2025, according to the PF, BRB purchased R$9.52 billion in credit portfolios issued by Banco Master.

➡️In one year, this amount would reach R$16.7 billion, as previous PF reports on the case have indicated.

Ibaneis' activities

Governor of the DF, Ibaneis Rocha, comments on beverage inspection, on October 3rd — Photo: TV Globo

For the investigation, Ibaneis "was not limited to the regular exercise of its institutional prerogatives" and acted directly on four fronts:

articulation with private agents.

validation of "critical operational decisions";

definition of BRB's expansion strategy;

authorization of capital increase amounts;

"The communications demonstrate that relevant strategic decisions were previously submitted for consideration, even before deliberation by formal governance bodies, demonstrating centralization of decision-making and direct political interference in the management of the public financial institution", says the PF.

"Such action is indicative of institutional capture, as the bank's decision structure was aligned with specific interests, to the detriment of the principles of impersonality, morality and public interest", continue the researchers.

'Institutional capture'

The Federal Police concludes one of the reports by stating that "Banco Master became, indirectly, part of BRB's shareholding structure".

"[...] through the use of investment funds (notably Borneo, Verbier and Delta), structured with the purpose of hiding the final beneficiary and avoiding the formal characterization of control or qualified participation".

Still regarding Ibaneis' participation, the PF concludes that strategic decisions in the BRB-Master relationship were submitted to the then governor for consideration "even before deliberation by the formal governance bodies, showing centralization of decision-making and direct political interference in the management of the public financial institution".

"Such action is indicative of institutional capture, as the bank's decision structure was aligned with specific interests, to the detriment of the principles of impersonality, morality and public interest", concludes the PF.

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