Paraguay’s Santiago Peña resigns after Ueno Bank collapse
By the AFREEQUE newsroom, based on Bénin Web TV
Paraguayan President Santiago Peña announced his resignation after the collapse of Ueno Bank, which froze the accounts of about three million customers. Congress approved their reimbursement while the central bank took control of the institution, according to the account of the Paraguayan banking crisis.
Paraguayan President Santiago Peña announced his resignation on Thursday 5 November, after the collapse of Ueno Bank, whose insolvency proceedings froze all operations and blocked the accounts of about three million customers. Demonstrations had called for his departure, while impeachment proceedings were under way in the lower house of Congress, according to Bénin Web TV.
Parliamentarians accused Santiago Peña of conflicts of interest and mismanagement. The president, elected in 2023 under the Colorado Party banner, denies any wrongdoing. Until 2025, he held a stake in the company that owns Ueno Bank.
The central bank took control of the institution. Ueno Bank also held pensions and other public funds, while Congress approved a mechanism to reimburse depositors and appointed a new head of the central bank, according to Bénin Web TV.
The resignation came on the day the Paraguayan Congress began the impeachment proceedings against Santiago Peña, following the demonstrations and allegations linked to the banking crisis.
