Ueno Bank issued USD 42.5 million in loans to firm owned by former executive

A report from the Central Bank of Paraguay (BCP) has identified credit irregularities involving Ueno Bank and companies acquired by former bank executives. According to the BCP's Supervision of Systemic Financial Entities, Ueno Bank granted approximately G. 254,157 million (roughly USD 42.5 million) in loans and overdrafts to Mowi SA.

Mowi SA was acquired in September 2025 by José Sala, a former deputy manager of Ueno Bank, who purchased 90% of the shares. Sergio Pizzurno, a former general manager of the bank's parent company, Grupo Vázquez, acquired the remaining 10%. The BCP noted that Mowi SA began receiving credit assistance just seven days after the change in ownership, including a USD 12.5 million loan issued without collateral.

The BCP report highlighted several deficiencies in the credit analysis process, including a lack of complete solvency evaluations, insufficient justification for the origin of certain capital inflows, and doubts regarding Mowi SA's ability to repay the loans. Furthermore, investigators found inconsistencies between the declared business plan and the actual use of funds, noting that portions of the credit were transferred to other companies within the Grupo Vázquez conglomerate, such as Itti SAECA, Redipro, and Redisa.