Ruling Colorado Party candidate Santiago Pena is seen at a polling station in Asuncion, capital of Paraguay, on April 30, 2023. (Photo by Paulo Lopes/Xinhua)
ASUNCION, Nov. 5 (Xinhua) -- Paraguayan President Santiago Pena announced his resignation Thursday amid mounting pressure over the crisis of digital lender Ueno Bank, which left millions of customers unable to access their accounts and triggered a political crisis, as lawmakers debated impeachment proceedings against him.
"I have decided to submit my resignation as president of the republic," Pena said in a video posted on X, citing the need to safeguard national stability, social peace and democratic institutions.
Pena also apologized to the public if he had failed them and expressed hope that depositors' savings would be returned and public funds protected, local media reported.
Paraguay's central bank announced Tuesday that it had initiated resolution proceedings for Ueno Bank after finding that its solvency ratio had fallen to less than half the required minimum.
The bank's applications and cards stopped working following the intervention. It had nearly 3 million customers as of June, according to local media.
On Wednesday, a group of 35 lawmakers submitted a proposal to initiate impeachment proceedings against Pena and Vice President Pedro Alliana, accusing the president of conflicts of interest stemming from his previous stake in Ueno Holding.
Pena, who took office in August 2023 for a term set to end in 2028, held shares in Ueno Holding until 2025.
Political pressure intensified Thursday when former President Horacio Cartes, Pena's political mentor and leader of the ruling Colorado Party, announced his support for impeachment.
The banking crisis also prompted the resignation of central bank chief Carlos Carvallo at Pena's request, while prosecutors ordered the arrest of eight Ueno Bank executives, all of whom were subsequently detained, according to local media. ■
