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Paraguay Senate impeaches President Peña over Ueno Bank collapse
Paraguay's Senate unanimously impeached and removed President Santiago Peña on November 6, 2026, over alleged misconduct tied to the collapse of Ueno Bank, which froze 3 million customer accounts. Peña, who held financial interests in the bank, was arrested and placed under house arrest on charges including breach of trust and influence peddling, while Vice President Pedro Alliana became interim president.
Quick Facts
- Senate voted to impeach and remove Peña from office
- Chamber of Deputies unanimously approved impeachment charges
- Central Bank imposed external administration on Ueno Bank
- Peña announced resignation to avoid impeachment
- Joint Congress session failed to vote on resignation due to lack of quorum
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Paraguay's Senate voted unanimously on November 6, 2026, to remove President Santiago Peña from office following an impeachment trial over alleged misconduct linked to the collapse of Ueno Bank. All 44 senators present voted in favor of conviction, finding Peña guilty of dereliction of duty. The impeachment stripped Peña of presidential immunity and the lifetime Senate seat normally granted to democratically elected former presidents under Paraguay's constitution.
The crisis began when Paraguay's Central Bank imposed external administration on Ueno Bank on November 3, freezing approximately 3 million customer accounts—roughly 60 percent of Paraguay's adult population. Peña held financial interests in the bank through Ueno Holding until selling his shares in April 2025, and his brother was listed as a partner in a controlling entity. The impeachment charges alleged conflicts of interest, regulatory manipulation, misuse of pension funds, and involvement in an institutional cover-up.
Peña announced his resignation on Thursday to avoid the impeachment process, but a joint session of Congress failed to complete a resignation vote after lawmakers from his own Colorado Party walked out, leaving the chamber without quorum. Rather than accept the resignation, the Chamber of Deputies unanimously approved impeachment charges, prompting the Senate to proceed with trial. Pena's legal team requested a 72-hour delay to prepare his defense, but the Senate voted 39-3 against the postponement. Pena did not appear at the trial, though his defense lawyers attended to present arguments.
Minutes after the impeachment vote, prosecutors issued an arrest warrant for Peña on charges including breach of trust, influence peddling, and misappropriation of funds. He was detained and placed under house arrest at his residence in Asunción on Friday evening. Prosecutor Cristian Benítez stated that the final charges remained under determination. Peña is scheduled to appear before prosecutors on Saturday.
Vice President Pedro Alliana was sworn in as interim president late Friday and vowed to ensure full compensation for affected depositors. Under Paraguay's constitution, Alliana will serve until 2028. The collapse has prompted widespread protests, particularly in Asunción, as depositors remain unable to access savings and pensions. Public deposits from multiple state institutions, including the Social Security Institute and binational utilities shared with Brazil and Argentina, were held at Ueno Bank at the time of its seizure.
Why This Matters
Paraguay's financial system faces immediate strain: 3 million depositor accounts (~60% of adult population) remain frozen, including public pension funds and cross-border utility deposits shared with Brazil and Argentina. The removal of an incumbent president over bank regulation failures creates constitutional uncertainty until 2028, when scheduled elections should occur under interim leadership. Affected sectors include pension systems, binational infrastructure operators, and retail banking confidence; depositors are demanding compensation while prosecutors pursue criminal charges against the former president.
Timeline & Sources
Jan 1, 2023
WirePeña declared holding shares in Ueno Holding valued at 6,144 billion guaraníes
Apr 1, 2026
WireCentral Bank reportedly became aware of financial problems at Ueno Bank
Nov 6, 2026
WireVice President Pedro Alliana sworn in as interim president
Nov 7, 2026
WirePena scheduled to be questioned by prosecutors over charges of breach of trust, influence trafficking, and misappropriation of funds
Related Signals
Sources
- Paraguay's President Santiago Peña impeached and arrestedBBCMediaNov 7, 2026
- Paraguayan president to remain in office as Congress fails to approve resignationxinhuaMediaNov 6, 2026
- Paraguay Senate rejects president's bid to delay impeachment trialxinhuaMediaNov 6, 2026
- Urgent: Paraguayan president removed from office after Senate impeachment votexinhuaMediaNov 6, 2026
- Flash: Paraguayan president removed from office after impeachment votexinhuaMediaNov 6, 2026
- Paraguayan Senate proceeds with president's impeachment trial after rejecting delay requestxinhuaMediaNov 6, 2026
- Paraguay parliament impeaches president after collapse of Ueno BanktassMediaNov 6, 2026
- Paraguay ex-president Pena detained over case of bank collapse — newspapertassMediaNov 6, 2026
- Prosecutor’s Office issues warrant for arrest of former Paraguayan President Pena — papertassMediaNov 6, 2026
- Vice President Alliana takes oath of office as president of ParaguaytassMediaNov 6, 2026
- Urgent: Ousted Paraguayan President Santiago Pena put under house arrestxinhuaMediaNov 7, 2026
- Paraguay prosecutors order detention of ousted president over banking scandalxinhuaMediaNov 7, 2026
- Paraguayan president removed from office after Senate impeachment votexinhuaMediaNov 7, 2026
- Santiago Peña, ex-presidente do Paraguai, é preso em AssunçãoG1MediaNov 6, 2026
- Após impeachment, Ministério Público do Paraguai pede prisão de PeñaUOL NotíciasMediaNov 6, 2026
- Terremoto político no ParaguaiEstadãoMediaNov 7, 2026