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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Illustration depicting BRB executive submitting capital plan to Brazil's Central Bank amid fraud losses, with recovery options visualized.
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BRB to submit capital plan to central bank by Friday

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The Bank of Brasília (BRB) plans to deliver a capital plan to the Central Bank by this Friday (6) to address losses from the alleged fraud in credit portfolios acquired from Banco Master. The plan includes options such as creating a real estate investment fund, a loan from the Credit Guarantee Fund (FGC), and capital injection from the Federal District Government. Meanwhile, the BRB president is set to meet with district deputies to explain the crisis's impact.

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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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.

Daniel Vorcaro, owner of Banco Master, used a diverted loan from the bank to purchase a R$36 million mansion in Brasília's Lago Sul. The acquisition was through a company connected to his brother-in-law, part of a fraud network probed by federal police. Experts highlight irregularities that may breach financial transparency rules.

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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.

STF Minister Dias Toffoli denied the Attorney General's Office request to suspend an acareação involving suspects in the Banco Master irregularities case, scheduled for December 30. The hearing will confront Daniel Vorcaro, the bank's owner, Paulo Henrique Costa, former BRB president, and Ailton de Aquino, Central Bank's Fiscalization Director. Lawyers describe the measure as inopportune, as individual depositions have not yet been taken.

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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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