Paraguay Senate Removes President Santiago Peña After Ueno Bank Crisis

Paraguay’s Senate removed President Santiago Peña on Friday, Nov. 6, after convicting him of misconduct in a trial prompted by a Chamber of Deputies filing alleging conflicts tied to Ueno Bank’s parent company. Peña submitted his resignation Nov. 5, the same day the Chamber of Deputies approved the impeachment case with 78 votes in favor. The Senate proceeded with the trial and voted unanimously among senators present to convict and remove him. Vice President Pedro Alliana was sworn in to serve the remainder of Paraguay’s 2023-2028 term. The political crisis followed the Central Bank of Paraguay’s Nov. 2 decision to begin resolution proceedings for Ueno after finding its solvency ratio had fallen below half the required minimum. The process suspended the bank’s passive operations and immobilized deposits.

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