Paraguay's central bank starts resolution proceedings for ueno bank

​Paraguay's central bank has initiated ​resolution proceedings for ‌digital ​bank ueno after detecting a shortfall in its solvency ratio, the ‌monetary institution said in a statement on Tuesday.

The central bank and its president have come under pressure over how ‌they supervised the fast-growing digital bank and its political ‌ties. • Ueno, majority-owned by Grupo Vazquez, has around 3 million customers and administers some $850 million in public funds in Paraguay

• The ⁠resolution ​proceedings aim ⁠to protect depositors and preserve financial stability, the institution said, adding ⁠that the case was isolated and did not reflect a ​systemic condition in the financial system • "The Superintendency of Banks ⁠will appoint auditors to verify ueno's asset position as of ⁠the ​resolution date," the central bank said

• Oversight of Ueno has been under scrutiny in recent months, with ⁠several members of the Senate calling for the removal of ⁠the ⁠central bank's senior management after rejecting a report on the lender which they considered ‌incomplete