Paraguay’s new president, Pedro Alliana, said nearly 95% of Ueno Bank depositors affected by the crisis had received their money. (Foto: Instagram)
Paraguay’s new president, Pedro Alliana, said Tuesday, Nov. 10, that nearly 95% of depositors affected by the Ueno Bank crisis had received their money. In a post on X, Alliana said 1.74 million customers had been paid, with $330 million disbursed from the Deposit Guarantee Fund.
Alliana said the remaining payments were expected to be completed by Wednesday, Nov. 11, in accordance with legislation passed by Paraguay’s Congress. “We responded with actions: We have completed payments to nearly 95% of depositors. The remainder will be credited by tomorrow,” he wrote. He also said recovering pension funds held at the bank would be a government priority. Public-sector workers and retirees are particularly concerned about the contributions they had kept at the institution.
Ueno Bank had been Paraguay’s largest digital bank, with about 2.9 million customers—roughly 40% of the country’s population. The Central Bank of Paraguay suspended its operations on Nov. 3 after identifying solvency problems and ordered the start of a resolution process. Customers temporarily could not access money deposited at the bank.
The central bank found that Ueno’s solvency ratio was less than half the required minimum. The measure reflects a financial institution’s ability to meet its obligations. The bank is also under investigation over suspicions of asset manipulation and loans to companies linked to its controlling group. Eight executives were arrested, including bank president Juan Gustale and vice president and founder Miguel Vázquez.
The bank’s crisis also became part of Paraguay’s political upheaval. The Senate approved the impeachment of then-President Santiago Peña on Nov. 6, amid accusations that he was involved with the financial institution. The vote was 44 in favor of removing him, with one abstention. Peña had asked for a 72-hour extension to present his defense, but the request was denied.
The Chamber of Deputies initiated the impeachment process on Thursday, Nov. 5, after Peña had submitted a resignation request. Congress called a joint session to consider that request, but did not vote because it lacked a quorum. After the Senate approved Peña’s removal, then-Vice President Alliana assumed the presidency.
