André Esteves, the chairman of BTG Pactual, expressed confidence in the bank's practices regarding the sale of Certificates of Bank Deposit (CDBs) of Master to retail investors, stating he sees 'nothing wrong' with the transactions. Esteves noted that the bank had taken precautionary measures, reducing the distribution of these financial products as concerns arose about the institution's stability, and emphasized their commitment to transparency with investors, urging them to remain within the guarantees provided.

The context of Esteves' comments comes as BTG, along with XP and Nubank, faces a civil public action related to the sale of Master’s CDBs, which are alleged to have been marketed with insufficient information regarding the associated risks. This situation has gained attention due to the significant profits that brokerages have reportedly reaped from these transactions, raising questions about the ethical implications of their sales strategies, especially in light of the impending extrajudicial liquidation mandated by the Central Bank of Brazil in November 2025.

Additionally, criticism from banks that opted not to distribute these financial products, like Itaú, has surfaced, targeting the manner in which the CDBs were marketed and sold. Such discussions underline the broader concerns within the Brazilian financial sector regarding regulations and the responsibilities of financial institutions to provide clear and accurate information to investors, particularly those less experienced in navigating complex investment opportunities.