Central Bank nixes massive, eyebrow-raising banking acquisition

RISKY BUSINESS

Central Bank nixes massive, eyebrow-raising banking acquisition

Daniel Vorcaro, the controller of Banco Master, has raised many eyebrows in Brazil. Photo: Rubens Cavallari/Folhapress

Brazil’s Central Bank has vetoed a controversial acquisition that had stirred unease across financial circles: the plan for the Bank of Brasília (BRB), a state-controlled lender, to buy a controlling stake in the privately held Banco Master.

While the deal had obtained antitrust clearance, it could only move forward with approval from the country’s monetary authority.

The decision, made public on Wednesday night, ends months of speculation over whether…

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