The Central Bank called BTG and XP asking them not to completely suspend negotiations with Banco Master, citing risk of crisis in the financial system. At the same time, Justice Gilmar Mendes criticized the BC and CVM for lack of oversight in the Master case.
Banco Master, led by Daniel Vorcaro, became the subject of scandal following revelations of fraud that resulted in R$ 57 billion in losses to the financial system. BTG and XP Investimentos were distributors of Master's CDBs, and the interruption of these distributions was decisive in accelerating the bank's downfall, as it depended on new issuances to honor its commitments.
Gilmar Mendes criticized the Central Bank and CVM regarding the Master case during a public hearing at the Supreme Court
Covered by only some sources, or where the accounts diverge.
Covered by only some sources (1)
The Central Bank's Oversight directorate called BTG and XP advising caution regarding complete suspension of negotiations with Master
No gaps declared — all sources converge on the material facts.