Brazil’s main banking lobby has condemned alleged attempts to produce dossiers against Itaú Unibanco chief executive Milton Maluhy Filho and journalist Malu Gaspar, calling the information revealed in a Federal Police investigation a matter of “extreme gravity.”
The Brazilian Federation of Banks, known as Febraban, said the reported material went beyond attacks on individuals and risked weakening trust in the financial system. The allegation was reported by Revista Oeste, based on single-source reporting from the outlet and information it attributed to a decision by Brazil’s Supreme Federal Court (STF).
What the Inquiry Says
According to Revista Oeste, the documents appeared in an STF court decision connected to an investigation into an alleged criminal organization led, according to investigators, by former banker Daniel Vorcaro. Vorcaro was the former owner of Banco Master, a bank that entered liquidation in November 2025 under Brazil’s Central Bank.
The alleged targets were Maluhy, who leads Itaú Unibanco, Brazil’s largest private-sector bank by assets, and Gaspar, a journalist at O Globo, one of the country’s major newspapers. The source article did not reproduce the documents or detail their contents, so the reported existence and purpose of the dossiers should be understood as allegations tied to the police investigation and court record.
Febraban said there was no place for actions intended to intimidate, constrain or discredit people through such methods. In the federation’s view, attempts aimed at executives, journalists, specialists and institutional leaders threaten the confidence, transparency and security needed for Brazil’s financial market to function.
Banking Sector Reaction
Febraban’s statement also defended respect for institutions, press freedom, the rule of law and decisions taken by competent authorities. The organization represents Brazilian banks and often speaks on regulatory and institutional issues affecting the financial system.
The case touches several sensitive institutions at once: the Federal Police, Brazil’s national investigative police force; the STF, the country’s highest court; the Central Bank, which supervises banks; and the Deposit Guarantee Fund (FGC), the private mechanism that protects eligible depositors in cases of bank failure under Brazilian rules.
Febraban also expressed support for the Central Bank’s actions in the Banco Master case. It said it backed measures aimed at preserving the stability of the National Financial System, including steps related to governance and the functioning of the FGC.
Why It Matters
The liquidation of Banco Master had already placed the institution under scrutiny. The new allegation adds a reputational and institutional dimension because it involves alleged pressure against a bank executive and a journalist, two figures linked to oversight and public accountability in different ways.
Revista Oeste reported that Febraban argued any practices that compromise the integrity of the financial system must be investigated and, if proven, punished. The federation’s position frames the matter not only as a dispute involving named individuals, but as a potential threat to the rules and confidence that underpin Brazil’s banking sector.
The available source does not include responses from Vorcaro, Banco Master, Itaú, Gaspar, the Federal Police, the STF or the Central Bank. That limits what can be stated independently at this stage. What is clear from the reported statement is that Brazil’s banking federation has chosen to treat the alleged dossier operation as an institutional issue rather than a private quarrel.