
Brazil's BRB close to completing due diligence to acquire Banco Master
RIO DE JANEIRO, April 29 (Reuters) - Brazilian state-run bank BRB has nearly completed its due diligence to acquire local lender Banco Master, with the final deal price expected to be confirmed at around 2 billion reais ($360 million), BRB CEO Paulo Henrique Costa said on Tuesday.
"We are still in the due diligence process, but this is the last stage," Costa told reporters at the Web Summit Rio. "The value being considered is close to 2 billion reais, which is an amount that makes sense."
In late March, BRB announced the acquisition, which is subject to regulatory approval. The initial estimate for the deal was around 2 billion reais, with the possibility of a lower price depending on the due diligence outcome.
Under the agreement, BRB will purchase 49% of Banco Master's common shares and 100% of its preferred shares, totaling 58% of the bank's capital.
Costa said on Tuesday the contract required Banco Master's shareholders to inject 2 billion reais into their bank.
Master, controlled by businessman Daniel Vorcaro, has grown rapidly in recent years, driven by a funding model that relies on issuing high-yield debt securities distributed through investment platforms.
Master's funding strategy has come under greater scrutiny amid concerns about the future of its assets not acquired by BRB.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Daily Mirror
a day ago
- Daily Mirror
Chelsea reach agreement with Dortmund star and seek to seal £50m transfer
Chelsea are keen to add to their squad ahead of this summer's Club World Cup and look set to make Borussia Dortmund star and former Man City man Jamie Gittens their latest addition Chelsea look set to make Borussia Dortmund star Jamie Gittens their FIFTH signing of the summer as Enzo Maresca bolsters his squad ahead of the Club World Cup. The Blues have already been extremely busy since the end of last season. Brazilian winger Estevao Willian is set to make his move from Palmeiras official alongside Ecuadorian youngster Kendry Paez. Chelsea have also signed Liam Delap and Dário Essugo from Ipswich and Sporting Lisbon respectively over the past week. And those signings could potentially be joined by English wideman Gittens. As first reported by French outlet RMC Sport, the West London side have agreed on a seven-year deal with the 20-year-old to move to Stamford Bridge. Chelsea have tabled a £29.5m bid - although it's believed they'll need to go higher - and hope to get a deal secured before the first part of the summer transfer window closes on Tuesday. Gittens, an England under-21 international, was actually at Chelsea as a youngster as well as a host of other clubs. He eventually found his way to Manchester City but quit the club in 2020 as he became the latest in a long line of promising English talents to move to the Bundesliga. He has since gone on to make over 100 appearances for Dortmund, scoring 17 goals - 12 of which came last season. Despite still having three years left to run on his deal, it appears he will now depart Dortmund if the two clubs can agree a fee. Gittens has a £50m release clause in his contract, but Chelsea are hoping to get it done for slightly less. Sporting director Sebastian Kehl admitted earlier this year that there was potentially interest in Gittens. He said: 'There's definitely a market for him. He's a very exciting player. We'll be having discussions soon. If offers come in, we'll have to deal with them.' 'We want to reduce wages,' Kehl added. 'That said, it's possible we'll continue with some of these players. But some may no longer be part of the BVB squad next season.' Gittens will arrive at Stamford Bridge as a possible replacement for Jadon Sancho, who has departed the club after Chelsea chiefs decided not to sign him permanently following his loan. The West Londoners have decided not to activate a £25m clause in the deal, and have consequently paid a £5m penalty. In a statement on social media, the winger said: "Grateful for the experience. Big love to everyone at Chelsea who made me feel at home — teammates, staff and the fans. Wishing the club all the best moving forward. Truly grateful, Thank you Blues." Sancho made 45 appearances across his season with Chelsea, scoring five goals and notching ten assists as Enzo Maresca's side won the Conference League. Join our new WhatsApp community and receive your daily dose of Mirror Football content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice.


Daily Mirror
2 days ago
- Daily Mirror
Viktor Gyokeres shares transfer update as Arsenal's four-man shortlist emerges
Arsenal are keen to strengthen their squad this summer and the club has vowed to back manager Mikel Arteta in the transfer market, following the appointment of new sporting director Andrea Berta Arsenal are looking to mount another Premier League title challenge next season and they are ready to invest in their squad this summer. The Gunners have finished second for the past three seasons and are desperate to go one better and win the league for the first time since 2004. Arsenal are set to sign midfielder Martin Zubimendi from Real Sociedad, but Mikel Arteta also wants to strengthen a number of other positions. "We plan to invest to get behind winning and doing better next season," Arsenal co-chairman Josh Kroenke said. "We're delighted we have our sporting director, Andrea [Berta], who will play an important role in this. "He is part of a unified and strong team, supported by the board, who are crystal clear on exactly what we need to do and the way in which we want to do it. The right way. The Arsenal way." With all that in mind, Mirror Football brings you some of the latest news and rumours from the Emirates... Gabriel's new deal Gabriel Magalhaes has signed a new four-year contract that will keep the Brazilian at the Emirates until 2029. Gabriel has been central to Arsenal's progression under Arteta, forming a key partnership at the back with William Saliba. "It's an amazing club and I'm so proud to sign a new contract," Gabriel said. "I love this club, I love the fans, my teammates, I love this stadium - I'm so proud and thank you for all the support. I arrived here as a young player, and [now it's] almost five years at this club. I'm so happy, and I've learned a lot here." Gyokeres update Viktor Gyokeres has delivered an update on his future, with Arsenal among the clubs interested in signing the Sporting striker. The Gunners are said to be weighing up a £60m move for the forward and Gyokeres has admitted he wants to move somewhere with a similar culture to the one in Lisbon that he has become accustomed to. "After living in a warm country, it would be difficult [moving back to Sweden]," he told Swedish Vogue. "In Sweden, people work hard during the week and only socialize on the weekends. Here there is more life during the week. They have dinners with friends, a glass of wine on Monday. I like that." Four-man shortlist Arsenal are also in the market for a new left winger and Real Madrid star Rodrygo is their top target, according to a report from Sky Sports. It is claimed that Rodrygo's future at the Bernabeu is unclear and he is set to hold talks with new boss Xabi Alonso in the coming days. Athletic Bilbao star Nico Williams, Bayern Munich's Leroy Sane and Aston Villa forward Morgan Rogers are also on Arsenal's radar.


Fashion United
3 days ago
- Fashion United
Brazil's footwear sector boosts investment to enhance productivity
Despite the unstable global landscape, the Brazilian Footwear Association (Abicalçados) recently conducted a survey which revealed that the footwear sector intends to invest 1.7 billion reais (around 303,84 million dollars), a value seven percent higher than last year. Executive president of Abicalçados, Haroldo Ferreira, explained that around 50 percent of the footwear industry's investments in 2025 are expected to be allocated to machinery, equipment, and technology, aimed at improving productivity. 'Brazil suffered a sharp deindustrialisation process in the 1990s, when, in addition to the so-called 'Brazil cost,' there was a relaxation of imports, and we began to notice an invasion of Asian products in the Brazilian market,' said Ferreira. According to Ferreira, the industry, which represented more than 46 percent of the gross domestic product (GDP) in 1989, saw its representation fall to just over 14 percent last year. 'It is no exaggeration to say that the Brazilian footwear industry resisted and continues to resist in a rather hostile environment, taking into account the high production costs and predatory competition imposed by Asian markets, now also through international e-commerce platforms,' added Ferreira, emphasising that investments focused on productivity have been essential for the national footwear industry to remain the main one in the West. Equipment, distribution centres and factory expansion Among the announced investments, some are aimed at purchasing a wide range of machinery and equipment. This is the case of Andacco, which is part of the Cacique Group, from Minas Gerais. The company, which produces 5,000 pairs per day, intends to acquire new equipment and moulds, totalling approximately three million reais. Company director Benvenuto Arantes explained that this amount exceeds what was invested in 2024 by 40 percent. 'Investment is a constant for Andacco, regardless of the scenario, which this year is still quite obscure,' he said. For Arantes, however, opportunities may arise in light of the tariff war between the US and China. 'The US is the destination for 70 percent of our shipments. With the high tariffs imposed on Chinese footwear, we will possibly have greater demand, which could have a positive impact on our exports and, consequently, on performance for 2025,' he explained. Tip Toey, a children's footwear company based in Franca, São Paulo, has been making investments in structural projects totalling three million reais in recent years. The company, which exports a third of its production, will inaugurate a distribution centre in Europe this year, with an investment of approximately 100,000 euros. Co-chief executive officer of Tip Toey, Scott McInerney, explained that the expansion plan involves three main fronts: brand, export, and industry. 'We want to be closer to European customers to respond quickly to demand and receive more consistent feedback on our products,' said McInerney in the press release. The Minas Gerais-based women's footwear and accessories brand Luiza Barcelos constantly invests in machinery and, at the end of 2023, inaugurated a production unit in Rio Grande do Sul, from where 80 percent of its production originates. 'Today, exports represent two percent of turnover, a figure we want to double in 2025. For this, we are intensifying participation in international trade fairs,' said company director Luiz Barcelos. Boaonda, a producer of injected footwear from Rio Grande do Sul, invested more than two million reais in 2024 in expanding its EVA lines and acquiring new machinery. For 2025, given a surprisingly positive first quarter with 30 percent sales growth, Boaonda was obliged to expand its headquarters, in a project that will cost more than five million reais to meet domestic and international market demands. According to brand manager Cássio Romani, the new building should be ready by the end of the year, directly employing more than 50 people. There is the possibility of tripling this number to 150 in the short term, depending on the company's continued growth. For the year, although optimistic, the company forecasts sales growth of around 15 percent. 'Brazil has structural problems such as high taxes, unfair competition—including within our own market—and difficulty in finding labour. Despite this, Boaonda remains confident and is betting on our country,' said Romani. Overview of the footwear industry with high technology employed Credits: courtesy of the Brazilian Footwear Association In summary The Brazilian footwear sector plans to invest 1.7 billion reais, a seven percent increase compared to the previous year, focusing on machinery and technology to improve productivity. Companies such as Andacco, Tip Toey, and Luiza Barcelos are investing in equipment, distribution centres, and expanding their facilities to increase production and meet domestic and international demand. Despite challenges such as high production costs, Asian competition, and structural problems in Brazil, footwear companies are optimistic and confident in their growth, seeking opportunities in the global market. This article was translated to English using an AI tool. FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@