PARAGUAY · BANK EXPLAINER
Published Saturday, 7 November 2026 · Source: Central Bank of Paraguay (BCP) communiqué, Ueno and rating-agency filings, court and prosecution records
Ueno Bank, the digital lender that the Central Bank of Paraguay (BCP) moved to wind down on 2 November 2026, belongs to Grupo Vázquez, a Paraguayan family business group. It grew from a small finance company the group bought in 2021 into a bank with about 2.9 million clients, in a country of about 6.5 million people.
This guide explains where Ueno came from, who owns it, how it made money and how it paid for its growth. The group’s leading figure, Miguel Vázquez, and 26 others have been charged, and they are presumed innocent until a court rules.
Key Facts
- Who Grupo Vázquez, a Paraguayan business group, controls Ueno; Miguel Vázquez is described as its main shareholder.
- Origins Ueno traces to a finance company operating since 1976; the group bought control in 2021.
- Steps Bank licence resolution dated 22 November 2023; absorbed Visión Banco, another Paraguayan bank, on 28 June 2024.
- Funding Customer deposits, a US$350 million bond due 2031 and US$47 million from OTP Bank, a Hungarian bank.
- Today Central bank voted 2 November 2026 to start Ueno’s resolution; 27 people charged, none convicted.
Since 2021 Ueno grew from a lender in the Vázquez family’s group to a bank with about 2.9 million clients.
Part of the dossier: Paraguay Ueno Bank crisis hub · The Ueno Bank case explained · Depositor guide · Why the regulator stepped in · Key figures in US$ · Ueno vs Nubank · Paraguay’s banking system
In Plain English
Resolution is a controlled wind-down run by the central bank. Related-party loans are loans a bank makes to companies tied to its own owners. Holding company is a firm that owns shares in other firms. Allegations in this guide are not proven.
Where Did Ueno Come From?
The roots are a finance company, Financiera El Comercio, which has operated in Paraguay since 1976, according to the buyer’s law firm. In 2021 its main shareholders sold control to Grupo Vázquez, and the law firm put the stake at about 64%.
Grupo Vázquez is a conglomerate with more than 75 years in Paraguay and 24 companies in finance, technology, retail, farming and real estate, the FIX SCR rating agency (an affiliate of Fitch Ratings) wrote in October 2025. Credicentro, a lender in the group, became Ueno Holding in 2022, press profiles say.
The group then pushed the Ueno brand as a digital service. Carlos Carvallo, who later became president of the central bank, previously chaired Ueno’s finance company, according to reports; on 3 November 2026 he said he had signed his resignation from the BCP.
How Did It Become a Bank?
Ueno’s own website cites a BCP resolution dated 22 November 2023 as its banking licence, and it began operating as a bank in December 2023. On 28 June 2024 it absorbed Visión Banco, another Paraguayan bank, and took over its customers and loans.
Ueno said in April 2026 that it had more than 2.8 million clients, and press reports after the BCP’s decision put the figure near 3 million. That equals roughly 45% of the 6.46 million residents Paraguay’s statistics office projects for 2026, though accounts are not necessarily different people.
Who Owns Ueno Bank?
Control sits with Grupo Vázquez, whose leading figure Miguel Vázquez (full name Federico Miguel Vázquez Villasanti) is described in reports as the bank’s main shareholder. Investments in Ueno made up 27% of the group’s assets at the end of 2024, FIX SCR said.
An outside investor joined in December 2025. OTP Bank, a Hungarian banking group, put US$30 million into U Holdings, a holding company above the bank and a different company from Ueno Holding, in December 2025 and another US$17 million in June 2026, which Ueno said would give OTP a 9.99% stake.
Santiago Peña, Paraguay’s president until Friday 6 November, held shares in Ueno Holding, the group’s holding company, until 2025, according to reports. He has said he sold them, and Ueno has said he was never a shareholder in the bank itself; the Senate removed him from office on 6 November amid the Ueno Bank crisis.
How Did the Business Work?
Ueno’s website advertises a digital bank: a savings account with no fees, an international card and round-the-clock service. In plain terms it gathered small deposits from millions of people and lent the money out at higher rates to consumers and companies.
FIX SCR said in October 2025 that the large client base supported a healthy margin between what Ueno paid on deposits and charged on loans. The agency rated Ueno AA- on Paraguay’s national scale.
The regulator’s concern was different: the BCP said Ueno’s solvency ratio, which compares a bank’s capital with its risks, had fallen below half the required minimum after adjustments to its accounts. Press reports say the review found loans to companies linked to the owners, and prosecutors allege breach of trust.
How Was It Funded?
Most money came from customer deposits. Two other sources mattered to international readers: a US$350 million bond and the OTP investment described above.
The bond, priced in early March 2026, pays 6.7% and falls due in 2031; it was sold to large institutional investors under Rule 144A and Regulation S, US rules for such private sales, and Cleary Gottlieb, a US law firm, advised Ueno. One press report put the notes at about 87 cents on the dollar by autumn, down from 99 at launch.
Ueno was preparing new capital in late October, days before the BCP’s decision; see our report on that plan. What bondholders and depositors recover depends on what the interventors, officials the BCP appoints to inspect the books, find in the accounts.
What Does It Mean for You?
If you hold Ueno’s bond, or a fund that does, the price now reflects a bank in resolution, and the BCP’s findings will shape what holders recover. If you are a depositor or a visitor with a Paraguayan account, start with our depositor guide.
To see how the wider system works, read our banking-system explainer. The Senate vote that removed the president is covered in our report on Peña’s removal.
What Is Not Known
- The exact ownership chain and percentages. Reports describe a Luxembourg-registered holding at the top, but we could not open the ownership documents.
- The size of any shortfall in Ueno’s accounts, and how much depositors and bondholders will recover.
- The exact solvency ratio. The BCP says it was below half the required minimum; one report gives 5.56%, which we could not confirm.
- What the review of Ueno’s lending, including loans to companies linked to its owners, will conclude. Prosecutors have charged 27 people, and none has been convicted.
Frequently Asked Questions
Who owns Ueno Bank?
Grupo Vázquez, a Paraguayan family business group, controls it. Ueno says Hungary’s OTP Bank has invested US$47 million in U Holdings, a holding company above the bank, for a 9.99% stake.
When was Ueno Bank founded?
Its finance-company origins date to 1976; the group bought control in 2021. Ueno cites a BCP licence resolution of 22 November 2023 and absorbed Visión Banco, another Paraguayan bank, on 28 June 2024.
How many clients did Ueno have?
About 2.9 million accounts when the BCP acted, equal to roughly 45% of the 6.46 million residents projected by Paraguay’s statistics office. Accounts are not necessarily different people.
Who is Miguel Vázquez?
He is the group’s leading figure, is described as Ueno’s main shareholder and is among 27 people formally accused by prosecutors. All are presumed innocent until a court rules.
Sources: Central Bank of Paraguay (BCP) communiqué of 3 November 2026 on Ueno’s resolution; Ueno announcements of 30 December 2025, 3 June 2026 and 27 April 2026, and its licence notice; FIX SCR rating report of 14 October 2025; Cleary Gottlieb and Ferrere deal announcements; National Statistics Institute (INE) 2026 population projection. Read on 7 November 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief