FGC
Central Bank liquidates Will Bank in Master scandal
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Brazil's Central Bank decreed the liquidation of Will Bank, the digital arm of the Master group, on Wednesday (21) after it failed to meet commitments with the Mastercard network. The move raises costs for the Credit Guarantor Fund (FGC) to around R$ 50 billion, the fund's largest ever. Customers report difficulties accessing funds and paying bills, as STF investigations into bank frauds face ongoing pressure.
The Monetary Council (CMN) approved changes to the Credit Guarantor Fund (FGC) on Thursday (22) that allow the fund to intervene in struggling financial institutions before liquidation. The alterations come amid the Master group's crisis, whose collapse could cost the FGC up to R$ 50 billion. The goal is to reduce losses, avoid service disruptions, and prevent systemic risks in the financial sector.