by Diego Feijó de Abreu
Paraguay’s Ueno Bank was one of the primary sponsors of an international right-wing event in the United States that featured Eduardo Bolsonaro.
That bank is currently undergoing closure following a solvency crisis, which has unleashed a wave of protests and the resignation of President Santiago Peña.
Ueno Bank's connection to Trump’s Mar-a-Lago gala was brought to light by Brazilian lawmaker Alencar Santana, from the Workers’ Party. It appears in records from the ceremony, which was held at Donald Trump’s Mar-a-Lago club in Florida.
Eduardo Bolsonaro speaks next to an image of his father, during the CPAC Argentina 2024 in Buenos Aires, Argentina. (Photo by Tomas Cuesta/Getty Images)
In a post on Wednesday, November 4, Alencar said that he had presented the case to Brazil’s Chamber of Deputies’ Committee on Foreign Relations. The lawmaker pointed out that the financial institution, now under intervention by the Central Bank of Paraguay, had allocated funds to sponsor the gathering of international conservative leaders.
The event in Mar-a-Lago took place on February 10, 2026. Photographs show Eduardo Bolsonaro standing in front of a backdrop featuring the Ueno Bank logo. The bank was listed as a “Diamond” level sponsor for the “Hispanic Prosperity Gala,” organized by the platform Latino Wall Street.
Ueno Bank Sponsored a Gathering with Eduardo Bolsonaro at Trump’s Club
The ceremony brought together business leaders, political figures, and representatives of the Latin American right at Mar-a-Lago, Donald Trump’s property in Palm Beach. Eduardo Bolsonaro attended in person. Argentine President Javier Milei, who had been announced as a guest, sent a recorded message.
Ueno Bank was one of six “Diamond” sponsors, a tier above the “Gold” and “Silver” categories. According to a schedule released by the organizers, the “Diamond” sponsorship package was priced at $100,000. The amount paid by the Paraguayan institution was not disclosed.
Eduardo Bolsonaro also took part in honoring Argentine political consultant Fernando Cerimedo, who is known for spreading baseless allegations of fraud over the 2022 Brazilian elections.
A huge scandal broke around Cerimedo in August, this year, after he was arrested in Bolivia on charges of attempting to kill his pregnant ex-girlfriend, Nadia Beller. She survived three gunshot wounds and spoke to press about Cerimedo’s role in underhanded political dealings across Latin America, and connections to far-right politicians and even the White House
At the Mar-a-Lago ceremony, in February, Eduardo presented Cerimedo with an award for “Hispanic Political Consultant of the Year.” The Brazilian news outlet Revista Fórum has previously documented Cerimedo’s international activities, his ties to the political movement surrounding the Bolsonaro family, and his coordination with political operatives linked to U.S. President Donald Trump.
The Bank with Ties to Former Business Associates of the Paraguayan President Has Collapsed.
The crisis at Ueno Bank became public on November 3, when the Central Bank of Paraguay announced its intervention in the institution. The decision had been approved unanimously the previous day, following the discovery that the bank’s solvency ratio had fallen below 50% of the legally required minimum.
The bank resolution process resulted in the suspension of operations, transfers, and access to people’s accounts. Roughly 3 million customers have been affected, leading to long lines at bank branches and protests by depositors concerned about the recovery of their savings.
The institution managed between $800 million and $850 million in Paraguayan public funds. Of this total, roughly $380 million belonged to Paraguay’s Social Welfare Institute, IPS, which is responsible for pensions and healthcare services.
The bank’s primary shareholder is the Vázquez Group, a business conglomerate that maintained corporate ties with Paraguayan President Santiago Peña until March 2025. The growth in deposits from public institutions at Ueno had already been a subject of concern among the opposition and experts within the country.
The crisis has also impacted the institution’s leadership. Paraguayan authorities have ordered the arrest of eight individuals, including bank executives, as part of an investigation into suspected financial irregularities.
Millions of Clients Are Awaiting the Return Funds
The Central Bank of Paraguay has officially stated that deposits are guaranteed up to 228.3 million guaranis per account holder. That is approximately US$38,000, per individual. Preliminary estimates suggest that this coverage will fully protect about 97% of depositors.
On Wednesday, November 4, the country’s monetary authority announced a mechanism for advance payments of up to 40 Paraguayan minimum wages per client. That is the equivalent of 121.76 million guaranis, or roughly $20,000, minus any outstanding debts owed to the institution. The process was scheduled to begin this Thursday, November 5
The scandal has triggered a political crisis for the administration of Santiago Peña, leading to calls for an investigation, demands for the recovery of public funds, and demonstrations in favor of initiating impeachment proceedings.
Ueno Bank Sponsorship Raises Further Questions Over International Relations
The participation of Ueno Bank in the Mar-a-Lago gala has placed further attention on the spending of a financial institution that managed hundreds of millions of dollars in public funds.
This article was originally published by Revista Forum. It was translated by Panamerican Dispatch. You can read the original, in Portuguese, here.
Gotta investigate how much of the capital flight from Brazil after Lula’s recent victory ended up in this bank and its fraudulent bankruptcy.
Well of course he did….