Brazil Election 2026: Renan Santos Says XP Chief Should Be Jailed
Key Facts
Renan Santos, the outsider running for Brazil’s presidency, has picked the financial market as his enemy of choice. At a Porto Alegre rally on Friday 18 September he swore at bankers and said the head of the brokerage XP should be jailed.
He polls at around 3%, so his words will not move markets on their own. They matter because they turn the Banco Master scandal, so far a matter for courts and police, into a weapon against the whole industry.
What He Said in Porto Alegre
Santos directed obscenities at Brazilian business and the financial market. He singled out Faria Lima, the São Paulo avenue that houses the country’s banks and funds.
He then said the president of XP Investimentos has to be jailed, Estado de Minas reported. He did not name the executive, and the newspaper summarised that part of the speech rather than quoting it in full.
No response from XP to the speech was found. The brokerage has not been accused of wrongdoing by any court or regulator in the Banco Master case.
He also insulted President Luiz Inácio Lula da Silva and Senator Flávio Bolsonaro, the two frontrunners, Jornal do Comércio reported. The stop was part of a tour of Rio Grande do Sul, G1 reported.
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Why XP and BTG Were Named
Santos named XP and the investment bank BTG Pactual as two of the main distributors of Banco Master’s deposit certificates. These certificates, known in Brazil as CDBs, are a popular fixed-income product sold through investment platforms.
Banco Master grew by selling CDBs that paid far more than rival banks. Buyers relied on Brazil’s deposit guarantee of up to R$250,000 (about US$48,600) per saver.
When the central bank shut the bank in November 2025, the guarantee fund had to cover the losses. It set aside R$51.8 billion (about US$10.1 billion), the largest payout in its history.
Selling a guaranteed product is not in itself an offence, and no authority has said the platforms broke any rule. The political question Santos is raising is whether the distributors should have seen the risk earlier.
Master’s founder, Daniel Vorcaro, has been in pre-trial detention since March 2026 and has not been charged. The scandal has since spread to the prosecutor-general and several Supreme Court justices.
Who Renan Santos Is
Santos, 42, is a São Paulo entrepreneur who co-founded the Free Brazil Movement, known as MBL, in 2014. The movement helped organise the street protests that preceded the impeachment of President Dilma Rousseff in 2016.
He now leads Missão, a party that the electoral court registered in November 2025. The party launched his candidacy on 1 August with a speech that attacked both Lula and the Bolsonaro family.
He was born in São Paulo on 14 February 1984 and grew up in the Mooca district, CNN Brasil reported. He built his public profile through the MBL’s street protests and online videos.
His platform mixes anti-establishment anger with a hard line on crime. At the August convention he said those who rob should be killed, G1 reported.
A Quaest poll released on 2 September put him at 3% in the first round. Datafolha had also measured him at 3% in July.
Why the Market Makes a Target
Brazil’s race is dominated by Lula on the left and Flávio Bolsonaro on the right, who are close in the polls. Santos is competing for voters who reject both, and anger at Banco Master offers him a target that belongs to neither camp.
That makes the financial sector a convenient villain in the final stretch. For foreign investors, the speech is less a policy signal than a reading of the public mood toward banks and brokers.
The MBL began in 2014 as a pro-market movement that marched against Rousseff’s government. Its co-founder now aims his fire at the market itself, a sign of how far anger over Banco Master has spread.
XP Inc., the parent of XP Investimentos, is listed on the Nasdaq exchange in New York. Attacks on its management therefore reach foreign shareholders as well as Brazilian savers.
What Comes Next
The first round of voting is on Sunday 4 October, with any runoff on 25 October. Santos had announced a tour of southern and south-eastern states for the final weeks, Valor reported.
He has also taken the fight to the courts, filing an action at the electoral court against the rise in Bolsa Família welfare payments. The Rio Times reported that case on 17 September.
Frequently Asked Questions
What did Renan Santos say about XP?
At a rally in Porto Alegre on 18 September he said the president of XP Investimentos should be jailed, Estado de Minas reported. He linked the demand to XP’s sale of Banco Master deposit certificates.
Has XP been accused of wrongdoing over Banco Master?
No. No court or regulator has found XP or BTG Pactual liable in connection with Banco Master.
Who is Renan Santos?
He is a 42-year-old São Paulo entrepreneur who co-founded the MBL protest movement in 2014. He is the presidential candidate of the Missão party.
How is Renan Santos polling?
A Quaest survey released on 2 September put him at 3% in the first round. Lula and Flávio Bolsonaro lead the race.
When is Brazil’s election?
The first round is on Sunday 4 October 2026. Any presidential runoff will be held on 25 October.
Sources: Estado de Minas, on the attack on the market, Plox, on the call to jail XP’s president, Jornal do Comércio, on the Porto Alegre rally, G1, on the Rio Grande do Sul tour, G1, on the August convention speech, CNN Brasil, profile of Renan Santos
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