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Declined by Sophisticatedevening 2 days ago. Last edited by Sophisticatedevening 2 days ago. Reviewer: Inform author.
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Company Name: Banco Master S.A.

Type: Public capital company

Industry: Financial services

Founded: 1970 (as Banco Máxima), rebranded in 2018 as Banco Master

Headquarters: São Paulo, Brazil

President: Daniel Vorcaro

Employees: 1,000 (2022)

Services: Resource management, financial advisory for mergers and acquisitions

Website: www.bancomaster.com.br

Banco Master is a Brazilian financial institution headquartered in São Paulo. Founded in 1970 as Banco Máxima, the institution underwent a major rebranding in 2018, changing its name and corporate structure.

In October 2022, Banco Master received Issuer Default Ratings (IDRs) in Foreign and Local Currencies rated 'B' and a Viability Rating (VR) of 'b' from Fitch Ratings【6】. In October 2024, after releasing its semi-annual balance sheet, Fitch upgraded the bank’s national rating from BBB(bra) to A-(bra), while maintaining a global rating of B+ with a "stable" outlook【7】.

As of mid-2024, Banco Master reported an equity of R$ 4.2 billion, with a net profit exceeding R$ 500 million in the first six months of the year【8】.

Banco Máxima (1974–2018)

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Banco Master was originally established in 1974 as Máxima Corretora de Títulos e Valores Mobiliários. In 1990, the institution obtained approval from the Central Bank of Brazil to operate as a financial institution under the name Banco Máxima. Over the following decade, the bank expanded its services, focusing on real estate credit【10】.

By 2016, Banco Máxima faced financial distress due to defaults in its real estate credit portfolio, pushing it to the brink of bankruptcy【12】.

Rebranding as Banco Master (2018–present)

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Between 2018 and 2021, the bank underwent a significant corporate restructuring, including a capital injection of R$ 400 million, leading to its rebranding as Banco Master【3】. Under the leadership of Daniel Bueno Vorcaro and new investors, the bank shifted its business strategy to reduce reliance on real estate financing and diversify into payroll loans, personal credit, financial services, insurance, and investment banking【4】.

Acquisition of Will Bank

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On February 22, 2024, Banco Master announced the acquisition of a majority stake in Will Bank, a digital bank with over 6 million customers, primarily in Northeast Brazil. The acquisition expanded Banco Master’s customer base to over 10.5 million individuals nationwide【17】.

Will Bank primarily serves unbanked consumers from economic classes C and D. In 2023, it reported revenues of R$ 2.8 billion. The acquisition deal, whose value was undisclosed, led to the exit of Atmos and Will Bank’s founding investors. However, Chu Kong, one of Will Bank’s original partners, remained as an advisor to the bank【18】.

In October 2024, Will Bank announced that Brazilian football star Vinícius Júnior, who plays for Real Madrid, had been appointed as its brand ambassador【19】.

Investment in Oncoclínicas

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On May 22, 2024, Banco Master structured an investment through its Quíron and Tessália funds, subscribing R$ 1 billion in new shares of Oncoclínicas, a leading cancer treatment network. This investment granted Banco Master a 12% stake in the company【20】.

The capital increase was supplemented by an additional R$ 500 million investment from Bruno Lemos Ferrari, Oncoclínicas' CEO and founder, raising the company’s total capitalization to R$ 1.5 billion【21】. Ferrari’s stake in Oncoclínicas increased from 5% to 11%, while Goldman Sachs retained a 36% ownership share【22】.

Oncoclínicas stated that the new capital would help strengthen its financial structure and support its growth strategy in Brazil【23】.

(Note: Use Wikipedia's Cite template for formatting when adding these to the Wikipedia article.)

  1. Alvarenga, Bianca (December 18, 2022). "After redesigning Máxima, banker revolutionizes Le Lis and Dudalina". Metropolis. Retrieved March 3, 2023.
  2. Você S/A (October 22, 2021). "Banco Master values its employees". Retrieved March 3, 2023.
  3. Campos, Álvaro & Torres, Fernando (February 12, 2023). "Banco Máxima reviews focus and becomes Master". Valor Econômico. Retrieved March 3, 2023.
  4. Furlan, Flávia (December 19, 2019). "Banco Máxima gives signs of turning point amid the change of control". Valor Econômico. Retrieved March 3, 2023.
  5. XP Investments. "Master Bank". Retrieved March 3, 2023.
  6. Fitch Ratings (October 13, 2022). "Fitch Assigns IDRs 'B' to Master Bank; Stable Perspective". Retrieved February 7, 2023.
  7. Writing (October 5, 2024). "Fitch Ratings raises Master Bank's rating". Monitor Mercantil. Retrieved November 6, 2024.
  8. Araujo, Paula Eduarda (September 5, 2024). "Banco Master anticipates equity target and targets retail". BPMoney. Retrieved November 6, 2024.
  9. "Banco Master projects R$ 5 billion in equity in 2024 and anticipates projections". Bahia Notícias. September 5, 2024. Retrieved November 6, 2024.
  10. Master Bank. "About us". Retrieved March 3, 2023.
  11. Pacheco, Felipe (October 26, 2015). "Small, Banco Máxima wants to advance in real estate credit in the midst of the economic crisis". UOL/Bloomberg. Retrieved March 3, 2023.
  12. Flach, Natalia (August 2, 2021). "After corporate change and contribution of R$ 400 million, Banco Máxima is now Banco Master". CNN Brasil Business. Retrieved February 7, 2022.
  13. "Master buys Will Bank, taking technology and customer portfolio". Brazil Journal. February 22, 2024. Retrieved June 14, 2024.
  14. InfoMoney Team (February 23, 2024). "Banco Master buys majority stake in Will Bank". InfoMoney. Retrieved June 14, 2024.
  15. "Vinícius Jr. is chosen as the new Will Bank ambassador". Medium and Message. October 28, 2024. Retrieved December 6, 2024.
  16. Sambrana, Carlos (May 23, 2024). "Oncoclínicas raises R$ 1.5 billion. Banco Master mounts position of 12%". NeoFeed. Retrieved July 3, 2024.