Ueno Bank, controlled by Grupo Vázquez SAE and chaired by Federico Miguel Vázquez, expanded its share of public deposits in Paraguay in July, reaching G. 5.1 trillion (US$862 million) in funds from the state and the Social Security Institute (IPS). In just 30 days, the institution captured an additional G. 312.5 billion (US$52 million), consolidating accelerated growth since September 2023, when it received its first IPS deposits in Savings Deposit Certificates (CDA).
Data from the Ministry of Economy and Finance (MEF) shows that Ueno was the only private bank to register a significant increase in state liquidity last month, while other financial institutions faced withdrawals. In the overall ranking, the entity holds second place, behind only the National Development Bank (BNF), which manages G. 6.9 trillion (US$1.166 billion) in public funds. Of the total captured by Ueno, G. 2.7 trillion (US$468 million) are in demand deposits, and G. 2.3 trillion (US$388 million) are in CDA, of which G. 1.7 trillion come from the IPS.
The concentration of public funds at Ueno has reignited debate about the relationship between state deposits and the institution's effective equity. According to its latest balance sheet, the bank recorded effective equity of G. 2.2 trillion at the end of 2025, a value that represents less than half of the G. 5.1 trillion currently under its management. The disparity prompted a bill from Colorado Party deputy Mauricio Espínola, which proposes establishing limits for public deposits based on the solvency of financial institutions.
In response to recent questions about its operations, Ueno Bank issued a statement denying irregularities and criticizing reports that compared its technology investments with those of other banks. The institution argued that the analyses ignore differences in scale, business model, and operational needs between entities. Over the last 18 months, the bank has allocated US$120 million to technological infrastructure, including transaction processing, cybersecurity, and digital channels, to support a base of 3 million customers and more than 70 million monthly transactions.
Ueno also rebutted criticism about the accounting classification of its intangible assets, stating that Resolution SB.SG. No. 00105/2024 does not require registration under "Major Investments" when amortization does not exceed five years. The institution further highlighted that it is audited by PwC, holds international ratings of BB/Stable, and has shareholding participation from OTP Bank Plc., in addition to financing from more than 15 multilateral agencies. Regarding IPS deposits, the bank stressed that the agency confirmed compliance with regulatory norms, applied equally to all 14 financial institutions with which it operates.
In a statement, Ueno formally requested that Grupo ABC correct information it considers unfounded, invoking the right of reply provided for in the Constitution. The entity stated that the publications did not present concrete evidence of irregularities, limiting themselves to interpretations and hypotheses. Previous analyses had already pointed out that the bank's intangible assets exceed the sum of the nine main traditional competitors in the country.