BRB warned about flaws in 90% of Master's portfolio

The Board of Directors of Banco de Brasília (BRB) received an internal alert in August 2024 regarding problems in the credit portfolios acquired from Banco Master. The information is contained in the partial report of the investigation of the Federal Police that investigates schemes related to the Banco Master and the Banco de Brasília (BRB). At the time, a manager reported that approximately 90% of the portfolio received from the Master had flaws or did not meet the criteria required by the BRB.

Internal alert pointed to generalized failures

The document obtained by the investigation reveals that the alert came from a manager of the institution itself. He reportedly informed the board that almost all of the credits received from the Master were not in conformity with internal requirements. The source did not detail the name of the employee or the sector responsible for the analysis.

Despite the problems identified, the operations between the two institutions continued subsequently. This continuity is one of the central points of the Federal Police, which seeks to understand if there was negligence or connivance on the part of the BRB’s top management.

Pressure from the presidency for new purchases

The report also notes that the bank’s presidency has pushed for approval of new purchases. In different internal analyses, most of the assets offered by Banco Master were eliminated because they did not meet the criteria adopted by the BRB. In some cases, only a small part of the credits passed through the bank’s filters.

Despite this, negotiations continued and, according to the researchers, some evaluation criteria were subsequently changed, increasing the volume of credits that could be accepted. The source did not detail who would have ordered the changes in the criteria, but the context suggests that the flexibilization favored the approval of operations previously rejected.

Ongoing investigation

The Federal Police’s partial report is part of a broader investigation that investigates possible irregularities in the relations between BRB and Banco Master. The source has not detailed the current stage of the investigation nor whether there are formal indictments. The Bank of Brasilia and the Banco Master have not publicly stated the contents of the report so far.

Experts listened to by the report highlight that the change of credit assessment criteria, when done without robust technical justification, can configure reckless management. However, the source did not detail whether the Federal Police has already identified evidence of crime or whether the case is still in the process of collecting evidence.

What the institutions say

BRB and Banco Master did not return requests for comment until the publication of this article. The Federal Police also did not officially rule on the leak of the partial report. The secrecy of the investigations prevents the disclosure of additional details.

The case becomes relevant because it involves a public bank controlled by the Government of the Federal District and a rapidly expanding private institution. The continuity of operations, even after internal alerts, raises questions about the BRB’s control and governance mechanisms.

Next steps

The Federal Police are expected to complete the final report in the coming weeks. The Federal Public Prosecutor’s Office may then decide whether to file a complaint or not. The society closely follows the development of investigations, which can bring unfoldings to the financial system and to the politics of the Federal District.

For more information on the case and other national policy news, continue to follow the Boca no Trombone Portal.

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