The Credit Guarantee Fund (FGC) reported that Pleno bank has an estimated 160,000 creditors eligible for R$ 4.9 billion in guarantees following its extrajudicial liquidation.
The Credit Guarantee Fund (FGC) of Brazil has announced that Pleno bank, part of the financial conglomerate of Banco Master, has approximately 160,000 creditors who collectively have R$ 4.9 billion in eligible deposits for guaranteed payment. This notification comes in the wake of the Central Bank’s decision to decree the extrajudicial liquidation of Pleno Distribuidora de Títulos e Valores Mobiliários S.A, effectively terminating its operations due to the bank’s inability to comply with operational standards.
Extrajudicial liquidation is a process activated by the Central Bank when a financial institution can no longer function effectively. In this scenario, a liquidator takes control of the bank, halts its operations, liquidates its assets, and disburses payments to creditors according to a legally defined hierarchy until the institution is fully dissolved. This indicates a significant financial failure for Pleno bank and reflects broader concerns regarding the stability of financial institutions within Brazil.
The Pleno bank, which was sold last year to businessman Augusto Lima—an ex-partner of Daniel Vorcaro—was part of a larger conglomerate that also included Banco Master. Following the liquidation, eligible creditors will see their repayment processes initiated according to the FGC regulations, highlighting the implications for thousands of individuals and businesses previously reliant on the bank for their financial transactions.
