Brasília-based lender BRB has entered the formal regulatory review phase for its acquisition of a 58% stake in Banco Master, following the announcement of the transaction on 28 March 2025. The deal now requires approval from Brazil's Central Bank, known as Bacen, as well as from CADE, the country's competition authority, before it can be completed.
BRB is a state-controlled regional lender headquartered in the Federal District; Banco Master is a privately held institution that expanded through acquisitions and the origination of fixed-income products in recent years.
STRUCTURE OF THE DEAL AND THE ASSET CARVE-OUT
The transaction has been structured to exclude approximately R$23 billion in non-core assets currently held on Banco Master's balance sheet, specifically a portfolio of precatórios — court-ordered payment claims against public entities — and related litigation-derived holdings.
The timeline for Bacen and CADE decisions has not been publicly committed to.