A family business turned digital banking giant
Miguel Vázquez set out to build the first Paraguayan company listed on the New York stock exchange, and until recently the 36-year-old entrepreneur appeared close to achieving it. Ueno Bank, the financial institution he created by expanding his father's consumer lending business, had attracted more than 3 million customers in a country whose population does not exceed 6.5 million. That trajectory ended this week when the Central Bank of Paraguay intervened the entity, stating it had found indicators of insolvency.[S1]
In interviews with Paraguayan media, Vázquez presented himself as a third-generation entrepreneur: his maternal grandfather ran a Mercedes-Benz dealership and his father founded Credicentro in the 1980s. He described himself to local outlets as the point where those two families merged into the Vázquez Group. An only child, he concentrated his studies on business administration and completed postgraduate courses at prestigious US universities with the aim of expanding the family firm.[S1]
The company consolidated by acquiring smaller businesses and investing in other sectors, and in 2012 it listed shares on the Asunción stock exchange. Its real expansion began in 2021 with the purchase of Financiera El Comercio. Over the following years Credicentro was renamed Ueno Holdings, and the company applied to the Central Bank of Paraguay for a banking licence, which was granted in 2023 after Santiago Peña took power.[S1][S2]
Ueno Bank operated on an almost entirely digital model and launched attractive promotions to draw customers to its platform, while also becoming known for backing the national football team. Growth was meteoric, rising from half a million users in 2023 to more than 3 million in 2026.[S1][S2]
Charges, raids and a president under pressure
Alongside Vázquez, seven other executives of the group have been placed at the disposal of the authorities to answer charges that include breach of trust, fraud and conduct leading to bankruptcy. Prosecutors said the list of charges could grow as the investigation advances. Vázquez handed himself in this week and his properties were searched by order of the Prosecutor's Office.[S1][S2]
The collapse of the financial institution in turn brought down the government of President Santiago Peña because of his alleged links to the consortium known as the Vázquez Group, the holding that contained Ueno Bank and whose majority shareholder is Federico Miguel Vázquez Villasanti. Peña resigned from office, but Congress did not accept the resignation and chose to continue impeachment proceedings against him.[S1][S2]
On his relationship with Peña, Vázquez has described the president as a true friend who was a minority investor in Credicentro in 2018. In his defence, Peña has said he sold his shares in Ueno Holdings in 2025. It remains unknown what will happen to the rest of the Vázquez Group's operations and investments following the intervention and liquidation of Ueno Holdings.[S1]
Speed as a personal trademark
Vázquez, whose company has sponsored motor racing categories including the World Rally Championship, has said he loves speed in several areas of his life. He has spoken of his passion for racing rally cars and triathlons, for chasing after his children Facu, Lu and Fede, and for pursuing the ideas of his wife and best friend Lala, while placing innovation in his ventures above all.[S1]
