Santiago Peña has resigned as president of Paraguay, as pressure mounted for his removal following the collapse of Ueno Bank. Millions of customers were left unable to access their accounts.
Peña announced his decision in a video message, saying that he had taken into consideration the country’s stability, social peace and the protection of democratic institutions.
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The resignation of the conservative president, an ally of US President Donald Trump, came after the opposition called for an extraordinary session to present parliament with a motion for his removal. Today, Peña also lost the support of members of the conservative party. Vice President Pedro Aliana is expected to take over from him.
Lawmakers accused Peña of a conflict of interest, misusing pension funds and providing institutional cover for Ueno’s collapse. The bank had rapidly expanded from a specialized fintech platform into an institution managing $850 million in public funds. Peña, 47, had links to it through shares in a holding group that controlled Ueno Bank until 2025.
In his speech, Peña said his main goal was to recover the funds, fulfill the purpose of the deposit guarantee fund, and protect the money and public resources belonging to all Paraguayans.
After facing a solvency crisis, Ueno Bank came under the control of Paraguay’s central bank and was placed into liquidation to protect depositors and preserve the stability of the financial system. Its collapse triggered a serious crisis: nearly 3 million Ueno customers were left without immediate access to their accounts.
