Paraguay's central bank, the Banco Central del Paraguay (BCP), has closed Ueno Bank and opened a resolution procedure under Ley 2334/2003. The board voted unanimously on 2 November 2026 and announced the decision in the early hours of 3 November, saying the bank's solvency ratio had fallen below 50% of the required minimum. The app, cards, transfers and branches are all out of service.
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Deposits are guaranteed up to 228.3 million guaraníes, about USD 38,000, per depositor. The legal deadline to pay that money is 17 November, and the BCP's board can extend it once by another 15 days. As of this afternoon, the BCP has not published how customers will collect it.
What Ueno Bank Customers Face Right Now
"We proceeded to close the institution, so neither the app, nor the cards, nor any service" is running, BCP board member Liana Caballero said, according to Infobae (our translation). Assets and liabilities are frozen. About 120 BCP staff went to the branches to reconcile accounts, while the banking superintendency appoints the officials who will run the bank through the procedure.
Crowds of customers went to branches looking for answers, with gatherings reported in Ciudad del Este and a broken glass panel at the Ñemby branch, Última Hora reports. Police are guarding branches as a precaution, according to AP.
| Question | Position on 3 November |
|---|---|
| Guaranteed amount | Up to 75 monthly minimum wages: 228,300,000 guaraníes |
| How it is counted | Per person or company, per bank, not per account |
| Legal deadline | 15 calendar days, to 17 November, extendable once by 15 days |
| Share covered | About 97% of savings accounts, on a preliminary BCP estimate |
| Payout method | Not yet published; a register of depositors was announced |
| Balances above the limit | No guarantee; depends on the procedure and the bank's assets |
| International bonds | Outside this mechanism, under their own terms, the BCP says |
BCP president Carlos Carvallo said small savers come first and that the central bank is working to shorten the wait. Balances above the limit are handled through an exclusion balance sheet, which separates assets and liabilities so they can move to other institutions in a competitive process. For that money, AP reports the BCP has promised only "the greatest possible protection". Caballero told reporters the state pension fund IPS comes first among large depositors.
Debts survive the closure. Loans, installments and card balances remain payable, and the BCP will name who collects them, according to Diario HOY.
Why the BCP Moved on Ueno Bank
Carvallo traced the case to June, when the superintendency detected possible loans to companies linked to the group that controls the bank. Formal documents did not show those links directly, so regulators traced the funds. Falling liquidity, weak loan files and IT services activated without clear justification followed. Carvallo also said that the release of sensitive information sped up the loss of liquidity.
The ratio fell below the threshold after adjustments to the bank's financial statements. On 29 October, Ueno had announced a USD 100 million capital plan, with half due from its controlling shareholder this month. As late as 2 November the bank said it was operating normally and had received no BCP notice. We found no statement from Ueno issued after the resolution.
Scale is what sets this case apart. Ueno says it has about three million customers, which AP puts at roughly 60% of Paraguay's adults. It also holds USD 800 million to 850 million in public money, about USD 380 million of it from IPS. The fund says its retirees will be paid on schedule this month, because the money sits at another bank, and that 32,000 of them need a new bank for their pensions.
The shock reached commerce quickly. Importers' and merchants' group Asimcopar warned of a partial standstill, saying two of every three electronic payments at department stores run through Ueno accounts, and the Supreme Court has suspended fee collection through the bank. Carvallo called the case "isolated" and the wider system "solid and healthy". The banking association Asoban has also ruled out systemic risk.
Investigation and Political Fallout
The BCP filed a criminal complaint on 3 November, running to about 200 pages, plus more than 2,000 pages of evidence. Attorney General Emiliano Rolón assigned five prosecutors, coordinated by Nancy Salomón. They said the facts could fall under breach of trust, fraud or conduct leading to bankruptcy, but must first establish whether the case goes beyond the administrative sphere.
The case then moved quickly. Última Hora reported at 14:21 that four of the prosecutors signed a preventive detention order against eight of the bank's directors, citing suspected breach of trust and other acts. It is a single developing report: it mentions no arrests and no response from those named, and the attorney general had earlier spoken of preventive measures being assessed by procedural stage. No formal charge has been reported, and nothing has been proven.
The politics are sensitive because Carvallo ran Ueno until August 2023, before President Santiago Peña appointed him to the central bank. The BCP says he recused himself from all decisions on the bank. He says his resignation is signed but that he will stay for now to oversee the procedure. AP reports Peña was a business partner of Grupo Vázquez, Ueno's owner, until March 2025; the bank says he was never a shareholder or investor.
Vice President Pedro Alliana paused his bid for the 2028 presidential nomination. On 2 November he said a bank wanted to absorb Ueno and that talks were underway, but the parties have not confirmed this. Opposition lawmakers are pushing for an impeachment of Peña and Alliana, and the Chamber of Deputies' leadership plans to take up the crisis on Wednesday 4 November.
What the Ueno Bank Closure Means If You Live in Paraguay
Residency and cédula rules have not changed. Our read for foreign residents and anyone planning a move, which is ours and not official guidance:
- ▹Foreigners are covered. The BCP's published FAQ on the guarantee fund has described cover for residents and non-residents and for all currencies. Sources do not yet say how dollar balances will be paid, so treat that as open.
- ▹Use official channels. The BCP asks the public to ignore rumors and wait for its own notices. Be wary of anyone offering to speed up a payout for a fee or asking you to click a link.
- ▹Keep your records. Balances are not visible in the app, so hold on to any statements, contracts and payment receipts you already have.
- ▹Move recurring payments. Rent, utilities and transfers that ran through Ueno need another route, and a second account also gives you somewhere to receive a payout. Our guide to opening a bank account in Paraguay lists the requirements, which can take time to assemble.
- ▹Check any pending residency file. If your proof of income for residency relies on Ueno statements, you may not be able to download fresh ones. We have seen no Migraciones notice on this, so raise it with Migraciones or your lawyer early.
The wider lesson concerns the size of the cap. Anyone holding more than about USD 38,000 at one Paraguayan bank has uninsured money there, which makes how you move and hold funds worth a second look. Cooperatives sit outside this guarantee altogether, and the law also excludes a bank's executives and related parties.
Frequently Asked Questions About Ueno Bank
How much of a Ueno Bank deposit is guaranteed?
Up to 75 monthly minimum wages, currently 228,300,000 guaraníes or about USD 38,000. The limit applies per person or company across all accounts at the bank, not per account. Money above it depends on the resolution procedure and the bank's assets, with no guarantee of full recovery.
When will Ueno Bank customers get their money?
Ley 2334/2003 requires the guarantee to be honored within 15 calendar days of the resolution, which the BCP and local press place at 17 November 2026. The board can extend that once by another 15 days. It is a deadline rather than a payment date, and the payout method was unpublished on 3 November.
Do I still have to repay a Ueno Bank loan or credit card?
Yes. Loans, installments and card balances are not canceled by the resolution, according to Diario HOY. The BCP is expected to designate administrators or institutions to collect those payments, so watch its official notices for where to pay.
Thinking through banking as part of a move? Our immigration service covers residency and cédula, and banking choices stay yours. Here is what that service includes.
As of 3 November 2026, about 14:30 in Asunción: this is a developing story based on press reports of BCP statements. The BCP's site blocked direct access from our systems, so its notice and FAQ could not be read firsthand while writing. Allegations are unproven. This is not financial or legal advice; follow BCP notices for payout steps.
Sources
- ▹BCP: Banco Central inicia el procedimiento de resolución de ueno bank (3 November 2026)
- ▹AP via KSAT: Paraguay seizes major digital bank tied to president (3 November 2026)
- ▹Última Hora: BCP dispone resolución de ueno bank por insuficiencia severa (3 November 2026)
- ▹Última Hora: BCP estima que el Fondo de Garantía cubriría al 97% (3 November 2026)
- ▹Última Hora: Ministerio Público abre investigación sobre el caso ueno bank (3 November 2026)
- ▹Última Hora: Fiscalía ordena detención de directivos de ueno bank (3 November 2026)
- ▹Última Hora: Ejecutivo confirma negociaciones para resolver el caso ueno bank (2 November 2026)
- ▹Última Hora: Asoban descarta riesgo sistémico (3 November 2026)
- ▹Última Hora: Latorre anuncia que diputados analizarán este miércoles la crisis financiera (3 November 2026)
- ▹El Nacional: Oposición impulsa juicio político contra Peña y Alliana
- ▹Infobae: La intervención del Ueno Bank congeló depósitos del IPS (3 November 2026)
- ▹El Trueno: BCP interviene ueno bank y garantiza depósitos de hasta G. 228 millones (3 November 2026)
- ▹La Nación: Banco Central priorizará pago de haberes a jubilados (3 November 2026)
- ▹Diario HOY: Te explicamos qué pasó con ueno bank (3 November 2026)
- ▹La Tribuna: ueno bank ratifica que opera con normalidad (2 November 2026)
- ▹BACN: Ley N° 2334/2003, full text
- ▹BCP: frequently asked questions on the Fondo de Garantía de Depósitos
About the author
Yannick Schroth
Founder · Paraguay relocation support
Spends regular time in Paraguay and, with his team on the ground in Asunción, guides international nomads, entrepreneurs and investors through residency, the cédula and the RUC paperwork.
