Financiera Paraguayo Japonesa S.A.E.C.A.

What it is

Financiera Paraguayo Japonesa started life in 1981 as Financiera Comercial Paraguaya S.A., and in 1997 took its current name — the “Japonesa” reflecting the Japanese-Paraguayan families at its founding core.

It lends to companies, small businesses and individuals — offering personal loans, mortgages, corporate credit lines, credit cards, savings accounts and certificates of deposit — and also handles payroll, currency exchange, insurance and utility-bill collection.

The business runs through a head office in Asunción and 15 branches spread across the country, serving corporate companies, local SMEs and salaried individuals. From the rating report: direct staff was reduced from 401 to 242 in December 2025, largely through outsourcing of support functions.

Who owns it

The ownership is dispersed among institutional and individual shareholders, with a Japanese-Paraguayan family group at its centre. The Mutual de Cooperativistas del Paraguay holds 6.89%, Katsuhiko Maehara 4.25%, and the Caja de Jubilaciones y Pensiones de los funcionarios de la ANDE holds 3.18%; the remainder is spread among smaller shareholders and the public float on the BVASA.

The exact controlling stake is not disclosed in available sources as a single consolidated figure.

The company has been actively raising capital on the BVASA: in September 2025 it launched a new class of preferred shares (Sub-Class H) carrying a fixed annual preferred dividend of 14%, valid for the years 2025 through 2030.

Who runs it

The General Manager (CEO equivalent) is Elías Valiente, who reports directly to the board and oversees all strategic, commercial, collections, marketing, technology and legal divisions.

The 2024 Corporate Governance Report confirms that the board chair is Katsuhiko Víctor Maehara Ueda, and the vice-chair is Kazuki Endo, with four executive directors. The regulator’s file lists Blanca Liliana Brítez de Nara as the responsible officer — she has served as General Manager since 2009 and her role is confirmed in the 2024 governance report, where Elías Valiente is listed as Sub-General Manager; the Dic25 rating report subsequently refers to him as leading the Gerencia General.

The CFO equivalent is Eligio Daniel Galeano García, Gerente Financiero since 2021 (per the 2024 governance filing).

The money, in plain words

At end-2025, the institution held Gs. 2,205,946 million in total assets (≈ USD 365.2 million) — a rise of 20.4% in one year, driven partly by acquiring a new headquarters building and by growing the loan book.

For context, a year earlier total assets were approximately Gs. 1,832,780 million (≈ USD 303.4 million) **(our calculation: Gs.

2,205,946 ÷ 1.2036)**.

The business made Gs. 35,144 million in net profit in 2025 (≈ USD 5.8 million), a 38.9% increase over the prior year — largely because it booked a one-off gain on the sale of real estate.

Its return on equity — how many guaraníes it earns for each guaraní its shareholders own — was 18.28%, healthy but below the 27.49% average for the Paraguayan financiera sector. Net margin (net profit as a share of operating income) was about 15.1% **(our calculation: Gs.

35,144 ÷ Gs. 232,349 operating margin)**.

Leverage — how much debt sits behind each guaraní of equity — stands at about 9x, meaningfully above the sector average of 6.45x, a number worth watching. Overdue loans rose 43.8% in the nine months to September 2025, pushing the non-performing loan ratio to 6.92%, though that still sits below the sector average of 7.75%.

What it is doing now

Solventa&Riskmétrica, the local credit-rating agency, upgraded FPJ from BBB+py to A-py, citing continuous growth in lending, qualitative improvements, and a strengthened capital plan.

In June 2024 the institution placed two new tranches of subordinated bonds on the BVASA, with seven- and eight-year maturities paying 9.00% and 9.25% annual interest — locking in long-term funding at fixed rates. In 2025 it also completed full implementation of specialised anti-money-laundering software (AMLC), covering due diligence, transaction monitoring and regulatory reporting — a direct response to regulator recommendations.

What to watch

• Loan quality: overdue loans jumped 43.8% to Gs. 117,604 million in the nine months to September 2025; how provisioning costs evolve will determine whether the profit recovery is sustainable.
• Leverage: a debt-to-equity ratio of about 9x — well above the sector’s 6.45x — leaves little room for error if deposit growth slows.
• Regulatory standing: in November 2024 Paraguay’s Securities Superintendent suspended FPJ’s ability to issue new shares and bonds on the primary market for ten days, after a late quarterly filing; the suspension was lifted once filings were regularised, but it is a reminder that reporting discipline matters to regulators.
• Capital dilution: the active programme of new preferred share issuances and bond programmes raises funds but also creates senior claims ahead of ordinary shareholders.

This is news, not investment advice.