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.
Police seized an agenda from BRB's former Control and Risks director, Luana de Andrade Ribeiro, containing a July 2024 note. It recorded that then-president Paulo Henrique Costa ordered credit portfolio purchases from Banco Master to prevent its collapse, owned by Daniel Vorcaro.
In a December 30, 2025, deposition to police, Costa was questioned about the note. He explained the operations occurred during Master asset substitution, aiming to buy time and safeguard BRB. "If we look at that date, we're in the middle of the portfolio substitution process. So, all the assignments we made during that period [...] had two objectives: to fulfill our goal of changing the bank's portfolio, increasing profitability [...], and two, to allow us to make the substitutions," Costa said.
BRB acquired R$12.2 billion in Master's credit portfolios, deemed fraudulent by investigators, originated from facade company Tirreno without payment. Purchases began in July 2024, with initial adequate performance and 0.08% default rate, no documentary suspicions. In April 2025, expanded tests revealed irregularities, prompting an independent audit and asset substitution.
On May 25, 2025, BRB notified the Central Bank of irregular origination. BRB's attempt to acquire Master was a third option for competitiveness but denied by the Central Bank in September 2025, with Master's liquidation on November 18.
Central Bank's Supervision Director Aílton de Aquino testified that BRB losses could reach R$5 billion, with R$2.6 billion already provisioned and an additional R$2.2 billion due to low-quality substitute assets, such as funds with devalued stocks, delinquent credits, and Vorcaro family real estate. The Central Bank knew of issues since March 2025 and denied external pressures.
Vorcaro's defense stated the portfolios were replaced with regular, audited assets approved by BRB under Central Bank supervision. The DF bank plans capitalization to cover deficits, with ongoing analysis by firms like Machado Meyer and Kroll. Ousted Costa insists everything was correctly priced with discount.
