Ueno Bank attracted double its net worth in state funds; Grupo Vázquez nearly doubled its companies | Src: ABC Color (PY)

Ueno Bank, a key entity within Grupo Vázquez SAE, has reportedly captured public funds, including those from the Institute of Social Security (IPS), that exceed twice its real solvency. Official reports indicate that as of December 31, 2025, the bank's effective equity stood at G. 2.2 trillion, while public funds deposited in the institution reached G. 4.2 trillion.

This rapid accumulation of state funds occurred during the first three years of President Santiago Peña's administration. Concurrently, the business conglomerate, which was a commercial partner of the president until April 2025, has experienced significant expansion. Its number of registered companies grew from 20 in August 2023 to 39 by the end of 2025, according to the group's own records.

The transition of Ueno from a financial institution to a bank was approved swiftly by the Central Bank of Paraguay (BCP) in November 2023, shortly after President Peña assumed office. Notably, the BCP president, Carlos Carvallo, had previously chaired Financiera Ueno until August 2023. Prior to this banking leap, Grupo Vázquez established key holding firms in Luxembourg and Paraguay, which subsequently became the primary controllers of Ueno Bank starting in 2025.

Records show that Financiera Ueno did not handle public or IPS deposits until September 2023, with the first significant deposit from IPS occurring that month. By December 2023, after obtaining its banking license, the influx of state funds accelerated, with IPS depositing substantial amounts, including "sight deposits," at a time when Ueno Bank's declared equity was considerably lower. The group announced the merger of Ueno Bank with Visión Banco in January 2024, further increasing its market presence.