Ueno Bank issued a statement defending the legality of its operations with the social security institute IPS, stating that the management of funds was carried out through transparent, competitive processes and in strict compliance with current regulations. The institution highlighted its financial strength, mentioning it is the only Paraguayan bank with a dual international risk rating from Fitch Ratings and Standard & Poor's, in addition to having a local AApY rating.
Official documents reveal that the Vázquez Group SAE, chaired by Federico Miguel Vázquez, expanded rapidly since Santiago Peña took office, jumping from 24 to nearly 40 companies in record time. Its flagship, Ueno Bank, captured $806 million in public deposits by March of this year, with exponential growth starting at the beginning of the current administration.
Senator Esperanza Martínez, from the left-wing coalition Frente Guasú, described the case as a "Pandora's Box," alleging that the group capitalizes on IPS funds and that there is a recurring scheme of "friendly" companies close to the government appearing in state tenders. She criticized the impunity favored by the control of institutions such as the Comptroller General's Office, the Supreme Court of Justice, and the Public Prosecutor's Office.
Political analyst Felino Amarilla described the phenomenon as a "Santi Peña-Ueno monopoly" that seeks to consolidate a new economic power group using state resources. He pointed out that IPS violated its own legal limits for deposit concentration to favor the bank, with approximately G. 2.2 trillion in social security funds directed to it until April 2026.
Data from the Ministry of Economy and Finance reported by ABC Color indicate that on 31 December 2025 Ueno Bank’s effective equity was G. 2.2 trillion, while public deposits, including IPS funds, reached G. 4.2 trillion. In March 2026, those public funds exceeded G. 5.2 trillion, according to the report.