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🚨 A massive banking crisis has left millions unable to access their money in Paraguay.
One of the country's biggest digital banks has failed, and the crisis has now reached investment funds, public money and the country's political leadership.
Ueno Bank serves around 3 MILLION customers, equivalent to nearly 60% of Paraguay's adult population.
And the numbers are alarming.
• $4.2 BILLION in previously reported assets.
• $2.8 BILLION in deposits.
• Around $850 MILLION in public funds.
• Roughly $380 MILLION linked to the state pension and health system.
But what's even more shocking is what happened just FIVE DAYS before the collapse.
On October 29, Ueno Bank announced plans to raise another $100 MILLION to strengthen its finances.
The bank said its regulatory capital ratio stood at 13.8%, above the required minimum of 12%.
Then, on November 2, the central bank decided to intervene after financial adjustments revealed that the bank's solvency ratio had fallen below HALF the legal minimum.
By November 3, customers could no longer use their accounts normally.
Withdrawals, bank transfers, debit cards and credit card services were suspended.
But the problems didn't start overnight.
Ueno was one of Paraguay's fastest growing banks.
Since 2021, it had brought more than 1.2 million people into the banking system for the first time.
In 2024, it merged with Visión Banco, significantly expanding its business.
In March 2026, it raised $350 MILLION through an international bond sale, the largest of its kind by a Paraguayan bank.
And in September, the bank was still publicly defending its financial strength.
Now the same bank is undergoing emergency resolution.
And the damage has started affecting other parts of the financial system.
Paraguay's securities regulator has temporarily frozen withdrawals from 13 mutual funds managed by five investment firms because they hold investments linked to Ueno.
These funds have not been declared bankrupt, but investors cannot withdraw money until their investments are properly valued.
Authorities say withdrawals could begin resuming gradually from November 5.
Meanwhile, the crisis has reached the government itself.
• Prosecutors have ordered the arrest of eight people linked to the bank as part of an investigation into suspected wrongdoing.
• Regulators have raised concerns about loans involving companies connected to the bank's owners.
• Paraguay's central bank governor has submitted his resignation after President Santiago Peña requested it.
• The president's previous business ties to the bank's parent group are now facing political scrutiny.
And there's another major problem.
Hundreds of millions in government deposits, including pension and health funds, were held at Ueno.
Lawmakers are now considering emergency legislation to protect those public funds.
For ordinary customers, Paraguay guarantees deposits of up to approximately $38,000 per depositor.
The central bank has announced an initial payment of up to 10 MILLION GUARANÍES, with remaining covered amounts to follow.
Around 97% of depositors are expected to be fully covered, but people with larger balances still face uncertainty.
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