The Banco de Brasília (BRB) is encountering significant difficulties in its attempt to sell the distressed assets inherited from Banco Master, which were handed over as compensation for a large-scale fraud of R$12.2 billion involving credit portfolios. Under pressure from Brazil’s Central Bank, BRB is seeking to raise R$21 billion to rebuild its capital base and avoid the possibility of regulatory intervention. However, market operators cited by O Globo argue that the bank’s valuation is unrealistic, describing the assets as heavily overestimated and extremely difficult to recover.
Despite having already secured R$5 billion through the sale of part of its original loan portfolios to restore liquidity, BRB continues to face scepticism regarding the remaining assets in the package. According to financial analysts, the total value of the assets may be closer to R$3 billion — far below the bank’s expectations — which could force the Federal District government to intervene with a capital injection.
The portfolio currently offered to the market includes a range of heterogeneous assets. Among them is the Credcesta payroll-loan programme, for which BRB is asking R$9 billion, and around R$2 billion in credit-rights certificates linked to Tirreno, the company identified as responsible for the original fraud. The package also includes stakes in companies connected to businessman Nelson Tanure, such as a 15% share in Ambipar. Although BRB values this participation at R$1.5 billion, market managers estimate its actual worth at no more than R$50 million, given the company’s ongoing judicial recovery since 2025.
Other minor holdings listed in the asset inventory include positions in the insulin manufacturer Biomm, the SP Surf Club and additional smaller companies. These items, however, have not eased investor concerns, with some market players stating that even deep discounts may not justify the risks associated with what they call the “Master risk”.
Original Story: Revista Oeste | Author: Erich Mafra
Edition and translation: Prime Yield