Ueno

The Vázquez Group, whose main bank received billions in public deposits from the social security institute IPS, expanded rapidly during the Peña administration, while the bank defends the legality of the operations.

Non-performing loans in the Paraguayan banking system are a cause for concern, with the National Development Bank (BNF) leading at 3.16% and Ueno Bank in second place at 2.74%, although the majority of banks maintain over 90% of their loans in the adequate solvency category.

Opposition Senator Rafael Filizzola accuses the Peña administration of a lack of control and impunity in corruption cases, citing as examples the irregular deposit of IPS (the social security institute) funds in Ueno Bank, the alleged leniency towards former Seprelad (Secretariat for Money Laundering Prevention) head Óscar Boidanich, the shelving of complaints regarding Itaipú, and the president's acquittal in an asset investigation.

The Paraguayan financial system is facing a security crisis marked by digital attacks that have drained accounts and created fraudulent loans, in addition to violent bank robberies, including explosions in Santa Rita, Alto Paraná, with the possible involvement of security agents.

Consumer credit in Paraguay grew by 42% through May, reaching G. 35.52 billion, while the International Monetary Fund (IMF) warns of the risks of over-indebtedness, especially among lower-income families.

The director of Paraguay's social security institute, the IPS, admitted that Ueno Bank exceeds the legal limit for the concentration of pension funds, which an opposition senator called "ridiculous" while calling for an investigation. Meanwhile, President Santiago Peña denied any violation and criticized the public disclosure of the case.

Senator Rafael Filizzola demanded explanations from IPS president Isaías Fretes over the transfer of billions of guaranis from the social security fund to Ueno bank, which is linked to a former business partner of President Santiago Peña, following the relaxation of rules that reduced financial security requirements for the institution.

The department of Alto Paraná has established itself as the main stage for major heists in Paraguay over the past twelve years, with criminal organizations adopting paramilitary tactics inspired by the "Nuevo Cangaço," including the most recent attack in Santa Rita, where around 20 criminals stole approximately 3 billion guaraníes from banks and exchange houses.

A group of about 20 heavily armed men simultaneously attacked four financial institutions in Santa Rita, in the Alto Paraná department, using explosives to empty the vaults of two banks, overpowering four police officers, and setting vehicles on fire during their escape. Authorities are investigating the possible involvement of a criminal network made up of Paraguayans and Brazilians, without ruling out the participation of the PCC.

Expo Paraguay ARP 2026 will be held from July 11 to 26 at the Rural fairgrounds in Asunción, featuring around 200 exhibitor companies, a program that includes concerts, a job fair, a cattle show, and gastronomic and artistic activities.

OTP Bank invested USD 47 million in U Holdings, the parent company of ueno bank, becoming the main shareholder with 9.99% and a strategic partner of the Paraguayan digital bank.

Through April 2026, banks and the Deposit Guarantee Fund (FGD) held 80% of the G$8.5 trillion in Treasury Bonds (BOTES) circulating in Paraguay, underscoring the heavy reliance of state financing on local financial institutions.

Paraguayan banks accumulated profits of US$302 million in the first four months of 2026, a 5.8% increase compared to the same period in 2025, led by Banco Continental.

The IPS investment portfolio reached G$ 20 trillion in March 2026, with more than half of the funds concentrated in instruments issued by local banks and financial entities.

Official spreadsheets from the Ministry of Economy and Finance (MEF) reveal that Ueno Bank, linked to former partners of President Santiago Peña, increased its state deposits in foreign currency by more than US$102 million between December 2025 and April 2026, taking advantage of the dollar's depreciation on the local market. The funds include resources from the Social Security Institute (IPS).

The total balance of credit cards in the Paraguayan banking system exceeded G. 6.6 trillion (about US$ 1.1 billion), with annual growth of 30.6%, tripling the pace of the economy. Default rates reach 7.9% in lower-middle credit brackets, while the government considers inflation controlled, contrasting with consumers' reality.