An Open Letter from ueno bank
In recent days, public questions have been raised regarding ueno bank’s financial strength and the capital and funding supporting the growth the bank has experienced in recent years. These questions have focused on the evolution of its capital and liquidity, the composition of its deposit base, the share of deposits from public-sector institutions, and other aspects of its operations.
ueno bank understands the attention these matters attract. As an institution grows, reaches greater scale, and plays an increasingly important role in the lives of Paraguayans and in the country’s development, it naturally attracts greater scrutiny. Questions are to be expected, and a sound financial institution has a responsibility to address them clearly.
For this reason, ueno bank believes it is important to provide the information needed to understand its financial position in context. A bank’s financial strength cannot be assessed on the basis of a single figure. It must be considered across its capital, liquidity, asset quality, deposit base, funding sources and financial performance.
Growth supported by a stronger capital base
ueno bank has grown while continuing to strengthen the capital supporting that growth. Between 2025 and June 2026, its capital base increased by more than US$200 million. As of June 2026, the bank’s equity stood at approximately US$401 million, representing the fifth-largest capital base among private banks in Paraguay.
Capital represents a bank’s own resources available to support its operations and absorb risks inherent in banking activity. Assessing the growth of a financial institution therefore requires looking beyond the expansion of its assets, loans and deposits to the capital supporting that expansion.
As of June 2026, ueno bank reported a total regulatory capital ratio of 14.5%, compared with a 12% regulatory minimum. At the same date, the bank reported approximately US$4.2 billion in assets, US$2.5 billion in loans, US$2.8 billion in deposits and US$814 million in credit facilities. As the bank´s operations expanded, its capital base increased accordingly.
A broad deposit base and diversified sources of funding
As of June 2026, ueno bank had approximately US$2.8 billion in deposits. Of this amount, approximately US$2.0 billion, or 71%, came from the private sector. Approximately US$295 million consisted of term deposits from IPS, while approximately US$532 million represented deposits from other public-sector institutions.
Deposits represent only one component of ueno bank’s funding sources. In addition, the bank has secured US$814 million in funding from domestic and international financial institutions and the capital markets. Its key funding partners include IDB Invest, Oikocredit, Enabling, Finance in Motion, and OeEB, among others. Most recently, Finance in Motion and OeEB each provided an additional US$10 million in financing, further strengthening the diversification of the bank’s funding sources.
In March 2026, ueno bank completed a US$350 million international issuance of unsecured senior notes, the largest such issuance by a Paraguayan bank to date.
The bank’s capital base has also been supported by OTP Bank Plc., which became a shareholder in ueno bank and contributed US$47 million in fresh capital, reflecting the decision of an international banking group to invest in ueno bank’s continued growth.
Together, these sources provide ueno bank with a funding structure that combines its own capital, a predominantly private-sector deposit base, and diversified domestic and international funding.
The quality of growth also matters
A bank’s growth should also be assessed through the quality of its loan portfolio and the earnings generated by its operations. As of June 2026, ueno bank reported a non-performing loan ratio of 0.6%, the lowest in Paraguay’s banking system, and generated net income of approximately US$37 million during the first half of 2026, compared with US$14 million in the same period of 2025.
ueno bank makes information on its financial performance available to clients, investors and other stakeholders, enabling them to understand the sources of its earnings and the evolution of its key financial indicators.
Capital, liquidity, deposits, funding sources, asset quality and financial performance are among the factors required to assess the financial position of a bank. Growth alone does not provide the full picture; the financial resources and capital supporting that growth matter as well.
ueno bank’s financial position is also regularly assessed by independent third parties. The bank holds international ratings of BB/Stable from S&P Global Ratings and Fitch Ratings, as well as a local rating of AApy. These assessments are complemented by the due diligence conducted by financial institutions and international investors before providing financing or investing in the bank, offering an additional independent reference alongside the bank’s financial information.
ueno bank also maintains correspondent banking relationships with leading international financial institutions. As of June 2026, these included Citibank, Bank of New York, BBVA, CaixaBank and Banco Nación.
Trust is built on facts
For ueno bank, this discussion goes beyond financial indicators. Today, more than 3 million people use the bank, representing more than 65% of Paraguay’s adult population. They include people who receive their salaries through ueno, families who save, entrepreneurs building their businesses, companies, and institutions that conduct part of their financial activity with the bank.
That scale carries greater responsibility. ueno bank will therefore make available information on its key financial indicators, the composition of its deposits, its liquidity, transactions with related parties and the sources of its earnings, together with the relevant supporting sources. Information that may be publicly disclosed will be available for review and verification, while information subject to confidentiality or regulatory restrictions will be handled in accordance with applicable requirements.
ueno bank will continue contributing to Paraguay’s development by supporting those who work, build businesses, save, invest and help move the country forward.The trust placed in ueno by millions of people carries greater responsibility: to answer questions clearly, to provide the information that can be made public, and to live up to the role the bank now plays in Paraguay’s economy.
Sincerely,
ueno bank Directory
ueno bank understands the attention these matters attract. As an institution grows, reaches greater scale, and plays an increasingly important role in the lives of Paraguayans and in the country’s development, it naturally attracts greater scrutiny. Questions are to be expected, and a sound financial institution has a responsibility to address them clearly.
For this reason, ueno bank believes it is important to provide the information needed to understand its financial position in context. A bank’s financial strength cannot be assessed on the basis of a single figure. It must be considered across its capital, liquidity, asset quality, deposit base, funding sources and financial performance.
Growth supported by a stronger capital base
ueno bank has grown while continuing to strengthen the capital supporting that growth. Between 2025 and June 2026, its capital base increased by more than US$200 million. As of June 2026, the bank’s equity stood at approximately US$401 million, representing the fifth-largest capital base among private banks in Paraguay.
Capital represents a bank’s own resources available to support its operations and absorb risks inherent in banking activity. Assessing the growth of a financial institution therefore requires looking beyond the expansion of its assets, loans and deposits to the capital supporting that expansion.
As of June 2026, ueno bank reported a total regulatory capital ratio of 14.5%, compared with a 12% regulatory minimum. At the same date, the bank reported approximately US$4.2 billion in assets, US$2.5 billion in loans, US$2.8 billion in deposits and US$814 million in credit facilities. As the bank´s operations expanded, its capital base increased accordingly.
A broad deposit base and diversified sources of funding
As of June 2026, ueno bank had approximately US$2.8 billion in deposits. Of this amount, approximately US$2.0 billion, or 71%, came from the private sector. Approximately US$295 million consisted of term deposits from IPS, while approximately US$532 million represented deposits from other public-sector institutions.
Deposits represent only one component of ueno bank’s funding sources. In addition, the bank has secured US$814 million in funding from domestic and international financial institutions and the capital markets. Its key funding partners include IDB Invest, Oikocredit, Enabling, Finance in Motion, and OeEB, among others. Most recently, Finance in Motion and OeEB each provided an additional US$10 million in financing, further strengthening the diversification of the bank’s funding sources.
In March 2026, ueno bank completed a US$350 million international issuance of unsecured senior notes, the largest such issuance by a Paraguayan bank to date.
The bank’s capital base has also been supported by OTP Bank Plc., which became a shareholder in ueno bank and contributed US$47 million in fresh capital, reflecting the decision of an international banking group to invest in ueno bank’s continued growth.
Together, these sources provide ueno bank with a funding structure that combines its own capital, a predominantly private-sector deposit base, and diversified domestic and international funding.
The quality of growth also matters
A bank’s growth should also be assessed through the quality of its loan portfolio and the earnings generated by its operations. As of June 2026, ueno bank reported a non-performing loan ratio of 0.6%, the lowest in Paraguay’s banking system, and generated net income of approximately US$37 million during the first half of 2026, compared with US$14 million in the same period of 2025.
ueno bank makes information on its financial performance available to clients, investors and other stakeholders, enabling them to understand the sources of its earnings and the evolution of its key financial indicators.
Capital, liquidity, deposits, funding sources, asset quality and financial performance are among the factors required to assess the financial position of a bank. Growth alone does not provide the full picture; the financial resources and capital supporting that growth matter as well.
ueno bank’s financial position is also regularly assessed by independent third parties. The bank holds international ratings of BB/Stable from S&P Global Ratings and Fitch Ratings, as well as a local rating of AApy. These assessments are complemented by the due diligence conducted by financial institutions and international investors before providing financing or investing in the bank, offering an additional independent reference alongside the bank’s financial information.
ueno bank also maintains correspondent banking relationships with leading international financial institutions. As of June 2026, these included Citibank, Bank of New York, BBVA, CaixaBank and Banco Nación.
Trust is built on facts
For ueno bank, this discussion goes beyond financial indicators. Today, more than 3 million people use the bank, representing more than 65% of Paraguay’s adult population. They include people who receive their salaries through ueno, families who save, entrepreneurs building their businesses, companies, and institutions that conduct part of their financial activity with the bank.
That scale carries greater responsibility. ueno bank will therefore make available information on its key financial indicators, the composition of its deposits, its liquidity, transactions with related parties and the sources of its earnings, together with the relevant supporting sources. Information that may be publicly disclosed will be available for review and verification, while information subject to confidentiality or regulatory restrictions will be handled in accordance with applicable requirements.
ueno bank will continue contributing to Paraguay’s development by supporting those who work, build businesses, save, invest and help move the country forward.The trust placed in ueno by millions of people carries greater responsibility: to answer questions clearly, to provide the information that can be made public, and to live up to the role the bank now plays in Paraguay’s economy.
Sincerely,
ueno bank Directory