Jacques Veloso, the legal director of the Bank of Brasília (BRB), has resigned from his position during a sensitive time as investigations into the Master Bank are ongoing. His resignation, formalized on Monday, October 9, comes amid scrutiny over financial operations involving Master Bank, which has raised concerns about irregularities linked to various financial institutions and market agents.

In his statement, Veloso explained that his decision to resign was motivated by his desire to return to tax law practice, particularly during a period when significant tax reforms require a deeper commitment and focus. He noted the importance of adapting to the new realities in the national market, which are consequential for his clients.

The investigations into the Master Bank are part of a broader scandal involving questionable financial activities, and BRB had previously attempted to acquire Master Bank shortly before its liquidation, which led to a controversial purchase of approximately R$ 12 billion in toxic assets. Veloso's resignation may signal a shifting landscape for both the BRB and the Master Bank case itself, as authorities continue to probe the extent of the alleged irregularities.