BTG Pactual Signs Deal to Acquire Digimais Bank Amid Regulatory Conditions

BTG Pactual has signed a binding agreement to acquire control of Digimais, a bank currently owned by Edir Macedo, founder of Igreja Universal do Reino de Deus and owner of Rede Record. The investment bank confirmed the transaction in an official statement on April 8, although the deal value was not disclosed.

Deal still subject to conditions and regulatory approvals

Despite the announcement, the acquisition is not yet finalized. The transaction depends on financial support from the Fundo Garantidor de Créditos (FGC), an entity designed to provide liquidity to the financial system during banking stress scenarios.

Under updated FGC rules, implemented after the Banco Master scandal, the operation must be opened to competing proposals before any capital injection is formalized. In practice, however, no alternative bidders are expected to emerge.

In its statement, BTG Pactual noted that it has “executed binding documents for the acquisition of controlling interest in Banco Digimais.”

The bank, led by André Esteves, emphasized that the deal is subject to several steps, including:

• The launch of a competitive process
• Confirmation of BTG’s proposal as the winning bid
• Approval from regulatory authorities, including the Central Bank and Brazil’s antitrust regulator (Cade)

A long search for a buyer

Digimais has been on the market for over a year, with multiple financial institutions evaluating a potential acquisition. However, none moved forward with a definitive deal.

Bluebank had initially agreed to acquire the bank in early 2024 but later withdrew following developments with the Banco Master scandal. Nubank also assessed the asset in mid-2025, reportedly attracted by its banking license, but ultimately decided not to proceed.

Capital injections remain a key requirement

The transaction will require significant capital support. In addition to the expected involvement of the FGC, Edir Macedo is set to inject additional funds into Digimais, continuing a pattern seen in 2024 when he contributed approximately US$50 million to the institution.