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How a Banking Scandal Is Taking Down Trump’s Ally in Paraguay

Bloomberg Markets Friday 06 November 2026, 00:24 UTC By Manuela Tobias and Ignacio Olivera Doll 1 min read
Key Points

How a Banking Scandal Is Taking Down Trump’s Ally in Paraguay Officials at the Inter-American Development Bank’s investment arm suspected something was off almost as soon as they walked through the doors of Paraguay’s Ueno Bank SA. The sleek office building in Asuncion, dubbed “The Matrix,” was overcrowded with young employees. The glass panels, polished wood and fancy art seemed better suited to a cash-rich startup than a business that catered to some of the country’s poorest people.

How a Banking Scandal Is Taking Down Trump’s Ally in Paraguay Officials at the Inter-American Development Bank’s investment arm suspected something was off almost as soon as they walked through the doors of Paraguay’s Ueno Bank SA. The sleek office building in Asuncion, dubbed “The Matrix,” was overcrowded with young employees. The glass panels, polished wood and fancy art seemed better suited to a cash-rich startup than a business that catered to some of the country’s poorest people. Bank executives hosted lunch in a private suite with chefs and butlers, seen as a gaudy excess by IDB employees used to less ostentation.
Paraguay (LOCATION) the Inter-American Development Bank’s (ORG) Ueno Bank SA (ORG) Asuncion (LOCATION) IDB (ORG)
Originally published by Bloomberg Markets Read original →

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