Vorcaro details conversations with Ibaneis about BRB’s attempted Banco Master purchase, revealing institutional meetings
Daniel Vorcaro, a prominent banker, confirmed having “a few opportunities” to discuss the proposed acquisition of Banco Master by BRB (Banco de Brasília) with Distrito Federal Governor Ibaneis Rocha. This significant disclosure was made during his testimony at the Supreme Federal Court (STF) in December, shedding new light on the controversial deal that has since faced intense scrutiny. The conversations occurred amidst a complex financial landscape, with the proposed acquisition having been a topic of public and regulatory interest.
The banker’s statements provide a direct account of interactions with the governor, detailing visits exchanged between their residences. Vorcaro explicitly stated that he visited Governor Rocha’s home, and the governor also visited his, framing these encounters as “institutional conversations.” Such personal meetings between a major banking figure and a state governor raise questions about the nature and transparency of high-stakes financial dealings involving public entities.
Banker confirms talks with Governor Ibaneis Rocha
Daniel Vorcaro, in his December deposition before the Supreme Federal Court, confirmed discussions with Governor Ibaneis Rocha regarding the proposed acquisition of Banco Master by BRB. He stated that these conversations took place “in a few opportunities” between January 2025 and November 2025.
The proposed acquisition, first announced on March 28, 2025, involved the Banco de Brasília’s interest in taking over Banco Master. This deal drew considerable attention from financial markets and regulatory bodies from its inception.
Details of home visits and political ties emerge
During his testimony, Vorcaro elaborated on the nature of his interactions with Governor Rocha. He specified that he had visited the governor’s residence, and Governor Rocha had, in turn, visited his home in Brasília.
Vorcaro characterized these exchanges as “institutional conversations,” implying a formal context despite the private settings. He stated that these discussions were not isolated incidents but part of broader engagements.
Vorcaro’s network and timeline of the failed acquisition
When questioned about his connections with other political figures, Vorcaro maintained that he has friends across various governmental powers. However, he declined to individually name all politicians who frequented his home, citing a lack of direct relevance to the case at hand. This response highlighted the extensive network of the banker within Brasília’s political circles.
The attempt by BRB to acquire Banco Master was first publicly announced on March 28, 2025. This initiated a period of intense financial and regulatory review of the proposed merger.
Months later, in September 2025, the Banco Central (BC) officially rejected the acquisition. This decision effectively halted the deal, citing various concerns that were not publicly detailed at the time.
Following the BC’s rejection, by late 2025, the Banco Central decreed the liquidation of Banco Master. Simultaneously, Daniel Vorcaro and Paulo Henrique Costa, the former president of BRB, became targets of a Polícia Federal (PF) operation, codenamed “Compliance Zero.”
Ibaneis denies direct discussions on the deal
On January 23, 2026, Governor Ibaneis Rocha spoke to CNN, refuting Vorcaro’s account regarding specific discussions about the acquisition. The governor stated that he had met with Daniel Vorcaro “a few times” but insisted that the operation between BRB and Banco Master was never a topic of their conversations.
Rocha redirected responsibility for the acquisition process, asserting that the entire operation was handled directly by Paulo Henrique Costa, who was then the president of BRB. Costa was later removed from his position following the Polícia Federal’s investigation.
Allegations of fraud and regulatory parallels
The Polícia Federal’s Operation Compliance Zero began investigating alleged frauds related to the BRB’s attempted acquisition of Banco Master. Preliminary investigations indicated a staggering estimated fraud of R$12 billion across various credit portfolios. This substantial figure underscores the gravity of the allegations.
A director from the Banco Central drew parallels between the Master case and the previous case involving Banco Cruzeiro do Sul. This comparison suggests a pattern of irregularities or systemic issues that have prompted heightened regulatory scrutiny within the Brazilian financial sector.
The ongoing investigations continue to scrutinize the interactions between key figures like Vorcaro, Rocha, and Costa. They also examine the broader implications of such high-value financial transactions on public institutions and the integrity of the banking system, ensuring accountability and transparency in future dealings.
Daniel Vorcaro, Ibaneis Rocha, BRB, Banco Master, financial fraud investigation
