Banco Master was a Brazilian financial institution based in São Paulo that also worked as an investment brokerage firm. It was placed under liquidation on the orders of the Central Bank of Brazil. The bank was founded in 1970 as Banco Máxima, and its name and management were changed in 2018 during a period of reforms. In November 2025 its owner, Daniel Vorcaro, was arrested for money laundering in connection with the Banco Master scandal.
Financial ratings
In October 2022, Fitch Ratings gave Banco Master a foreign currency Long Term Issuer Default Rating, a local rating of B and a viability rating of B. In October 2024, after the bank published its first-semester earnings, Fitch raised its national rating from BBB to A−, kept its global rating at B+, and described the bank as stable. By the end of the first half of 2025, the bank reported liquid assets of 4.2 billion Brazilian real.
Reforms and expansion
From 2018 to 2021, the bank underwent extensive reforms to its structure and operations, backed by a capitalization of 400 million Brazilian real. Under Vorcaro, who was its president at the time, the new management diversified the portfolio, reducing its reliance on real estate financing and adding payday loans, personal credit, financial services, insurance and investment banking. In 2024 the bank acquired a majority stake in Will Bank, a digital bank, and took part in a financing operation for the cancer treatment network Oncoclínicas.
Liquidation
On 18 November 2025, the Central Bank of Brazil ordered the bank's extrajudicial liquidation, a step it typically takes when an institution's financial situation is considered unrecoverable. On 21 January 2026, the Central Bank also ordered the liquidation of Will Bank.
