Paraguay President Peña resigns after bank collapse

Summarised from 2 outlets · Updated 5 Nov, 17:11 · Archive

Paraguay's President Santiago Peña has resigned days after the central bank seized Ueno Bank, a major digital lender with ties to his government.

Paraguay's President Santiago Peña resigned on Thursday, days after the nation's central bank seized Ueno Bank, a major digital lender with close ties to his government. Peña announced his resignation in a video posted to X, saying he was stepping down to preserve the country's stability and democratic institutions as massive protests rocked the capital, Asunción, for a third day and lawmakers debated impeachment.

Peña was a one-time investor in a company related to Ueno Bank. He offered an apology but stopped short of accepting responsibility for the banking crisis. 'I also want to apologize to the people if I have failed them at any point,' he said. 'It was never my intention to betray the trust they placed in me.' He said his priority was ensuring depositors recovered their savings, noting that 'behind every deposit are years of hard work, sacrifice and family dreams'.

Ueno Bank had grown from an obscure finance company to a household name in less than five years, claiming more than 60 per cent of Paraguay's adults as customers before its collapse amid a solvency crisis.

Paraguay President Peña resigns after bank collapse — Image: Clickorlando

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How it is being reported

Paraguay President Santiago Peña resigns following bank collapseParaguay President Santiago Peña has resigned, days after the collapse of Paraguay’s central bank seized Ueno Bank.Clickorlando · 5 Nov, 15:52
Paraguay President Santiago Peña resigns following bank collapseParaguay President Santiago Peña has resigned following the central bank's seizure of Ueno Bank, a digital lender with ties to his government.News4Jax · 5 Nov, 15:52

In this story: Santiago Peña · Paraguay · Ueno Bank · Asunción

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