Paraguay national team coach Gustavo Alfaro confirms impact of Ueno Bank crisis

Gustavo Alfaro, the 64-year-old coach of the Paraguay national team, confirmed on November 12, 2026, that he is one of the 3 million people affected by the Ueno Bank financial crisis. The announcement occurred during a press conference in Singapore before the team begins FIFA friendly matches against Singapore on November 13 and Japan on November 17. The coach expressed pain and concern regarding the situation, stating that he and the players are standing with the people affected by the bank's instability.

Scope of the banking crisis

The financial crisis originated from an intervention by the Central Bank of Paraguay (BCP) into Ueno Bank, which is a member of the Vázquez Group. This regulatory action followed the detection of deteriorating solvency indicators and alleged irregularities involving credit concessions to companies linked to the owners of the bank. The resulting instability has had a massive impact on the Paraguayan population.

Official data indicates that approximately 2.9 million customers have lost access to their savings for a minimum period of 15 days. This widespread loss of liquidity has caused significant distress across the country. The Paraguay national team players previously addressed the issue on November 5, 2026, when they issued a joint statement demanding the return of withheld funds.

Legal and institutional consequences

The institutional crisis has triggered several high-level legal and political developments. Authorities have arrested eight executives from the digital bank. Additionally, the President of the Central Bank of Paraguay has resigned following the intervention. The crisis has also moved into the political sphere, where proceedings have been opened against Paraguayan President Santiago Peña and Vice President Pedro Alliana. These legal actions involve investigating the previous links held by the President and Vice President to the Vázquez Group.

Player solidarity and priorities

During his press conference, Gustavo Alfaro emphasized that the players have prioritized the needs of the most vulnerable people over their own personal interests. The coach highlighted the emotional weight the crisis places on the squad as they prepare for upcoming international matches. While the team focuses on their upcoming fixtures against Singapore and Japan, the coach confirmed that the financial instability remains a primary concern for the players and the nation.

Glossary

• intervention — An intervention is a regulatory action taken by the Central Bank of Paraguay (BCP) into Ueno Bank. This action was taken following the detection of deteriorating solvency indicators and alleged irregularities.
• Central Bank of Paraguay (BCP) — The Central Bank of Paraguay (BCP) is a regulatory authority. It has the power to intervene in banks.
• Ueno Bank — Ueno Bank is a member of the Vázquez Group. It is a bank that has experienced a financial crisis and instability.
• Santiago Peña — Santiago Peña is the President of Paraguay. He is currently facing legal proceedings.
• Pedro Alliana — Pedro Alliana is the Vice President of Paraguay. He is currently facing legal proceedings.