Central Bank decrees extrajudicial liquidation of Will Bank

Source: PortaldoBitcoin Original Title: Central Bank decrees extrajudicial liquidation of Will Bank Original Link: The Central Bank (BC) has decreed the extrajudicial liquidation of Will Financeira S.A. Crédito, Financiamento e Investimento, an institution controlled by Banco Master. The bank, also liquidated by the BC, had been operating under a Special Temporary Administration Regime (RAET) since its liquidation, decreed in November 2025.

The liquidation of Will Bank was announced this Wednesday (21). According to the BC, among the measures planned is the unavailability of the assets of the controlling shareholders and former administrators of the institution, which was part of the Master conglomerate.

Led by Banco Master, the conglomerate held 0.57% of the total assets and 0.55% of the total funding of the National Financial System (SFN).

Context of the Liquidation

“At the time of the decree of the extrajudicial liquidation of Banco Master, it was deemed appropriate and in the public interest to impose the RAET on Master Múltiplo S/A, given the possibility of a solution that preserved the operation of its controlled company Will Financeira,” justified the BC.

However, the BC evaluated that this solution was not feasible after it was found, on January 19, “Will Financeira’s failure to comply with the payment schedule within the credit card payment arrangement and the consequent blocking of its participation in this arrangement.”

Faced with this situation, the monetary authority considered the extrajudicial liquidation of Will Financeira inevitable, “due to the deterioration of its economic-financial situation, insolvency, and the demonstrated interest link through the exercise of control power by Banco Master.”

Understand the Case

Controlled by banker Daniel Vorcaro, Banco Master grew rapidly by offering Bank Deposit Certificates (CDB) with returns well above the market average.

To sustain the model, the bank began to assume excessive risks and structure operations that artificially inflated its balance sheet, while the actual liquidity (immediately available cash to reimburse investors) deteriorated.

Investigations by the Federal Police and reports from the BC indicate that the collapse of Master was not only financial but also institutional.

The connection with the asset manager Reag Investimentos, the attempt to sell to Banco de Brasília (BRB), and pressure on regulatory agencies turned the case into a complex scenario, with direct impact on investors and the credibility of institutions.

Scheme of Diversion

Between 2023 and 2024, Master is believed to have diverted around R$ 11.5 billion through triangulations. The bank lent resources to supposedly shell companies that invested the money in funds managed by Reag Investimentos.

These funds purchased low or no real value assets, such as certificates from the extinct Banco Estadual de Santa Catarina (Besc), at inflated prices. The Central Bank identified six suspicious Reag funds, with a combined assets of R$ 102.4 billion – money circulating among funds linked to the same intermediaries, until reaching the final beneficiaries.