Ueno Bank collapse in Paraguay leaves millions unpaid and ousts President Peña

The collapse of Ueno Bank in Paraguay has left millions of customers unable to access their funds and led to the impeachment and removal of President Santiago Peña, who faces criminal charges. The bank, which served approximately 2.9 million customers or 60% of Paraguay's adult population, had 1.8 million depositors. Authorities have paid advances to nearly 1.2 million customers, but many remain waiting. Peña was charged with breach of trust and administration for personal gain, with prosecutors alleging he influenced public agencies to maintain deposits despite his shares in the bank's parent company. The crisis has exposed political ties, including Peña's links to former President Horacio Cartes, who withdrew political support and backed impeachment. Eight Ueno executives, including CEO Miguel Vásquez, were also arrested. Vice President Pedro Alliana has been sworn in to serve out Peña's term until August 2028.