Fictor Holding Financeira announced on Monday, the 17th, that it has acquired Banco Master, marking an important expansion of the group’s presence in Brazil’s financial sector. The transaction was carried out in partnership with a consortium of investors from the United Arab Emirates, which collectively manages more than US$ 100 billion in assets, otempo reported.
Upon completion of the deal, Fictor will assume 100% ownership of the shares previously held by Daniel Vorcaro, founder of Banco Master, who will exit the business. The acquisition includes an immediate capital injection of R$ 3 billion, aimed at strengthening the bank’s capital structure. The transaction remains subject to approval by the Central Bank of Brazil and CADE (the Administrative Council for Economic Defense).
The purchase does not include Will Bank or Banco Master de Investimentos, which are currently being negotiated with separate groups of investors.
“This transaction represents Fictor’s entry into the Brazilian financial market. We remain aligned with the highest standards of governance, focusing on the distribution of solid products designed to precisely meet the needs of the domestic market. We maintain what has always guided our trajectory: investing in the real economy,” said Rafael Góis, partner at Fictor Holding Financeira, in an official statement.
The acquisition comes after the Central Bank rejected, in September, an attempted purchase of Banco Master by Banco de Brasília (BRB). That agreement involved BRB’s proposed acquisition of R$ 23 billion (US$ 4.3 billion) in assets belonging to Vorcaro’s institution. Regulators cited succession risks in vetoing the deal, noting that BRB would have been required to assume all or most of Master’s undisclosed operations.
Prior to the failed transaction, BRB had been acquiring credit portfolios from Banco Master. According to BRB president Paulo Henrique Costa, the purchases totaled R$ 8 billion (US$ 1.5 billion) in 2024. Following the Central Bank’s decision, the state-owned bank began evaluating the acquisition of smaller asset packages from Master. In late October, BRB hired legal advisors to assess risks associated with asset transfers, stating that Master had left outstanding issues in certain financial operations.
Founded 18 years ago, Fictor describes itself as a diversified holding company with activities in the food, asset management, payments, energy, and real estate sectors. The group operates approximately 30 ventures representing more than US$ 1 billion in assets. Originally based in São José dos Campos, in the state of São Paulo, Fictor gained broader public visibility this year through its sponsorship of the Palmeiras football club.
In recent months, the group has also faced challenges. FictorPay, its payments subsidiary, reported a loss of R$ 24 million (US$ 4.5 million) due to a cyberattack that exploited vulnerabilities in a system provided by the startup Diletta.
Fictor Alimentos, another arm of the conglomerate, is publicly traded on the Brazilian stock exchange. Last year, the company acquired Atom Participações, formerly led by financial educator and Shark Tank Brasil judge Carol Paiffer. The deal, executed in partnership with Conquest, enabled Fictor’s entry onto B3 through a “reverse IPO” mechanism, whereby a listed company’s structure is used as the operating vehicle for a newly integrated business. Following the acquisition, Atom was renamed Fictor Alimentos, becoming the holding’s agribusiness division.