Master Bank's legal spend surged 180% pre-liquidation, audit finds

An audit by PwC, commissioned by Banco de Brasília (BRB), found that Master Bank increased spending on law firms by nearly 180% in 2024, totaling R$ 265 million, before its liquidation. The spike suggests possible financial and reputational risks, and the acquisition by BRB was vetoed by the Central Bank. This raises concerns about governance and potential hidden liabilities in the Brazilian banking sector.