Celina Leão shakes hands with Edison Garcia at podium during BRB bank board chair nomination announcement in Brasília.
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Celina Leão nominates Edison Garcia to chair BRB's board

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Acting Governor of the Federal District Celina Leão has nominated Edison Garcia, current president of CEB, to chair the Board of Directors of the Bank of Brasília (BRB), replacing Marcelo Talarico, who refused to step down. The change comes amid investigations into frauds involving credit portfolios from Banco Master. The transition process is expected to take about one month.

The nomination of Edison Garcia to the Board of Directors (Consad) of the BRB was made by Celina Leão (PP), acting governor of the Federal District, via official document. Garcia, who has presided over the Companhia Energética de Brasília (CEB) since 2019, led the sale of subsidiary CEB Distribuição for R$ 2.515 billion and served as a councilor at Petrobras.

Marcelo Talarico, the current Consad president, refused to leave the position and intended to complete his term, as reported by Metrópoles. Talarico's dismissal will occur in an assembly, followed by Garcia's election, with the process estimated at one month.

Celina also nominated Joaquim Lima de Oliveira, replacing Luis Fernando de Lara Resende, and Sérgio Ricardo Miranda Nazaré to the board. The BRB's Consad is responsible for setting attributions, overseeing directorate management and subsidiaries, and approving executive appointments.

This move follows Nelson Antônio de Souza's inauguration as BRB president in November 2025, after Operação Compliance Zero, which probes frauds in credit portfolios acquired from Banco Master, liquidated extrajudicially by the Banco Central. The Federal Police investigate losses up to R$ 12 billion, though former president Paulo Henrique Costa claims the net negative balance is under R$ 2 billion.

The BRB has hired auditor Machado Meyer and consultant Kroll to assess impacts, and anticipates possible funding from the DF government in case of losses. Additionally, the Tribunal de Contas da União (TCU) will begin an inspection by January 15, 2026, on the Master liquidation, covering the prior management of Roberto Campos Neto at the BC, lasting 15 to 20 days.

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Federal police arresting Banco Master owner amid bank liquidation due to fraud investigation.
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Central bank liquidates banco master after pf arrests

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The Central Bank announced the extrajudicial liquidation of Banco Master and related institutions on Tuesday (18), due to a liquidity crisis. The Federal Police arrested owner Daniel Vorcaro and others in Operation Compliance Zero, investigating the issuance of fake credit titles involving BRB. The scheme includes R$ 16.7 billion transfers from BRB to Master, with at least R$ 12.2 billion in fictitious credits.

Police found a note in an ex-BRB director's agenda suggesting the bank's former president tried to save Banco Master through credit portfolio purchases. Paulo Henrique Costa denied irregularities in his deposition, stating operations aimed to replace assets and protect BRB. Investigations reveal potential losses of up to R$ 5 billion for the state bank.

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Following the STF confrontation between Banco Master's controller Daniel Vorcaro and ex-BRB president Paulo Henrique Costa, the scandal deepens with TCU scrutiny of the Central Bank and new revelations of political ties and massive fraud risks. Experts urge full transparency to restore institutional trust.

Police Federal investigates 36 companies that took suspicious loans from Banco Master, totaling R$ 18.8 billion passed to funds managed by Reag. Of these, 23 operate in the real estate sector, linked to banker Daniel Vorcaro's background. Meanwhile, FGC starts paying R$ 40.6 billion to 800,000 creditors, facing app instability.

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The Central Bank approved the transfer of control of Banco Voiter to Augusto Lima, an ex-partner of Banco Master, in July 2025, despite suspicions of fraud in credit portfolios already raised by the agency in March of that year. Lima was arrested in November during Operation Compliance Zero for involvement in a fraudulent scheme linked to Bahian associations. The case highlights contradictions in the BC's regulatory analysis amid ongoing investigations.

In the latest twist in the Banco Master liquidation case—following STF Minister Dias Toffoli's December 27 rejection of the Central Bank's bid to exclude its Fiscalization Director from the December 30 confrontation—two justice officials visited the São Paulo office before Christmas seeking liquidator Eduardo Félix Bianchini, fueling expectations of summons in the ongoing legal disputes.

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The Supreme Federal Court released depositions in the Banco Master inquiry, revealing serious irregularities such as only R$ 4 million in cash despite R$ 80 billion in assets. Meanwhile, INSS blocked R$ 2 billion in payments due to unproven loan contracts, and the Credit Guarantee Fund continues reimbursements to investors.

 

 

 

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