Overview
- The Banco Central ordered the conversion on March 17, one day before the 120‑day RAET was set to expire on March 18.
- The RAET began on November 18, 2025 to try to preserve operations at controlled lender Will Financeira.
- An administrator’s report delivered on March 12 cited Will Financeira’s January 21 liquidation under Ato do Presidente nº 1.376 as eliminating the basis to continue the RAET.
- Asset freezes on the controllers and administrators remain in place, and the central bank says it will keep pursuing accountability within its legal powers.
- Banco Master Múltiplo did not take public deposits and belonged to the Master conglomerate, and the conversion means the institution will be wound down under monetary authority intervention.