Itaipu's Paraguayan side holds nearly R$1 billion in Ueno Bank as resolution begins
The Paraguayan side of Itaipu Binacional reported holding approximately R$1 billion (US$182 million) in deposits at Ueno Bank on November 3, the day Paraguay's central bank initiated resolution proceedings for the institution. The deposits totaled 115.2 billion guaranis (R$101.3 million) and US$163.8 million (R$901.7 million). Itaipu stated it has launched legal actions and is monitoring central bank procedures to recover the funds, without estimating recovery amounts or timelines. The deposits represent 7.6% of US$2.409 billion received from Brazil between 2024 and 2026. The bank relationship began in January 2025 under former President Santiago Peña, who was impeached and detained. Itaipu's exposure is roughly 11 times that of the Cajubi pension fund.