Paraguay seizes major digital bank tied to president, leaving millions of customers in limbo
North AmericaBusinessHigh confidence — 85/100
ASUNCIÓN, Paraguay -- Paraguay’s central bank seized a major digital lender with close ties to President Santiago Peña early Tuesday, throwing the savings of millions of customers and hundreds of millions of dollars in public funds into limbo.
The Central Bank of Paraguay said that its board voted unanimously Monday to put Ueno Bank into resolution after its solvency ratio — a measure of a bank’s capital against its risk-weighted assets — fell below half the legal minimum.
Unlike bankruptcy proceedings in court, resolution allows regulators to transfer a failing bank’s deposits to more stable ba
Unverified
ASUNCIÓN, Paraguay -- Paraguay’s central bank seized a major digital lender with close ties to President Santiago Peña early Tuesday, throwing the savings of millions of customers and hundreds of millions of dollars in public funds into limbo.
The Central Bank of Paraguay said that its board voted unanimously Monday to put Ueno Bank into resolution after its solvency ratio — a measure of a bank’s capital against its risk-weighted assets — fell below half the legal minimum.
Unlike bankruptcy proceedings in court, resolution allows regulators to transfer a failing bank’s deposits to more stable ba