Central Bank of Brazil decrees extrajudicial liquidation of Will Financeira after Mastercard payment arrangement block

The Central Bank of Brazil decreed the extrajudicial liquidation of Will Financeira S.A. Crédito, Financiamento e Investimento, citing deterioration of its economic and financial situation, insolvency, and its control links to Banco Master S.A., which is already under extrajudicial liquidation. Will Financeira is controlled by Banco Master Múltiplo S/A, which has been operating under the Special Temporary Administration Regime (RAET) in the context of the Master group resolution. The Master conglomerate was classified as a diversified credit group, small-sized and in prudential segment S3, with Banco Master S/A as the lead institution, holding 0.57% of total assets and 0.55% of total funding in Brazil’s National Financial System (SFN). When Banco Master entered extrajudicial liquidation on 18 November 2025, RAET was imposed on Banco Master Múltiplo S/A to pursue a solution that could preserve the functioning of its subsidiary Will Financeira, but this proved unviable. On 19 January 2026, Will Financeira failed to comply with its payment schedule under the Mastercard payment arrangement operated by Mastercard Brasil Soluções de Pagamentos Ltda., leading to the blocking of its participation. The central bank said it will continue taking measures to determine responsibilities, which may result in administrative sanctions and referrals to competent authorities. Under the law, the assets of the institution’s controllers and former administrators are rendered unavailable.