Paraguay’s right-wing president and Trump ally, Santiago Peña, has resigned amid growing pressure to step down following the collapse of Ueno Bank, which left approximately 3 million people unable to access their accounts.
Lawmakers accused Peña of conflicts of interest, misuse of pension funds and covering up information related to Ueno’s collapse. In just a few years, the bank had grown from a basic financial platform into an institution managing $850 million in public funds.
The 47-year-old economist had been in office since August 2023, with his term due to end in 2028.
Peña had ties to the bank, having held shares until 2025 in a group that controlled Ueno Bank, which served approximately 60% of Paraguay’s adult population.
The bank was placed into resolution due to insolvency, while local media have raised concerns about possible preferential treatment in the allocation of government and pension funds to the institution.
Peña previously held shares in the group that owns Ueno Bank, which grew within a few years from a little-known digital bank into one of the country’s largest financial institutions, serving approximately 3 million customers who have since lost access to their money.
Source: The Guardian
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