@r2reports: Paraguay’s president resigned after Ueno Bank collapsed, freezing access to money belonging to roughly 3 million customers. Santiago Peña had held a stake in the bank’s parent company until March 2025. Ueno said it served six in ten adults in the South American country. It also held about $800 million in public deposits, including pension and health fund money. Peña’s choice to supervise the banking system had previously run Ueno’s predecessor. Regulators seized the bank on November 3 after accounting corrections exposed capital below half the legal minimum. By November 5, Peña’s own party had turned against him and lawmakers were debating impeachment. He announced his resignation and apologized without accepting responsibility. Eight senior bank executives have been detained. Officials say repayments have started, but deposit insurance covers only about $38,000 per depositor. Customers with more face uncertainty over recovering the rest. #Paraguay #UenoBank #SantiagoPeña #BankingCrisis #finance #geopolitics

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Thursday 05 November 2026 17:37:39 GMT