Brazil’s central bank stopped operations of Banco Master due to liquidity issues. The controlling shareholder was arrested as police investigated fraudulent credit securities. BRB CEO was removed from office over the sale of assets from Master’s loan portfolio. The central bank blocked the sale to BRB due to capacity concerns.

A consortium led by Fictor and UAE investors agreed to buy Master, but the deal was halted. The purchase included an immediate injection of 3 billion reais. Master’s debt was marketed as covered by FGC deposit insurance. The central bank appointed an administrator to manage the liquidation and reimburse investors.

Read more at Yahoo Finance: Brazil central bank shuts Banco Master as police detain top investor