A recent intervention and collapse of Ueno Bank, one of Paraguay’s largest digital financial institutions, shook the country’s economy and directly impacted CONMEBOL. The South American football governing body, based in Luque, in the metropolitan area of Asunción, had about US$14 million (approximately R$76 million) compromised.
To Estadão, CONMEBOL guaranteed that the amount represents a small portion of the federation’s finances, whose revenue in 2025 was approximately R$ 600 million. In other words, only 2.3% of the figure reached in the previous season. This year, the confederation planned a record prize distribution budget, estimating to spend around US$312 million (about R$1.5 billion) across all its club competitions, such as the Libertadores and the Copa Sudamericana.
In recent years, Ueno Bank used football as a showcase to expand its brand. The institution maintained a sponsorship contract of US$12 million (about R$66 million) with the Paraguayan Football Association (APF), which provided for brand exposure on the national team uniforms and the league’s naming rights.
According to the Paraguayan television network ABC, Olimpia had a master sponsorship and stadium naming rights contract for Defensores del Chaco valid until 2032. The Libertadores three-time champion officially ended the agreement, valued at around US$2 million per year, and has already played matches with the branding of another sponsor on the uniform after the crisis.
Meanwhile, Cerro Porteño had a contract with the bank until 2030, tied to the extinguishment of an institutional debt of US$24 million. The club covered the institution’s branding on the uniforms and engaged its legal department to formalize the termination of the partnership.
According to Paraguayan press, the financial situation affected the players and coaching staff personally. The bank functioned as the standard institution for the payroll of Paraguayan clubs and of the APF itself, leaving players without access to their salaries and accrued bonuses.
The scenario sparked outrage and led the national team players to sign a public manifesto calling for urgent measures from judicial authorities. “The Paraguayan people are supportive, honest, and hardworking,” shared Gustavo Gómez, captain of Palmeiras and the Paraguayan national team. “Regarding our personal situation, we state clearly: each of us will individually assess the proper legal steps if we are affected by these events. We will not turn a blind eye,” he continued.
“Being Paraguayan is not just about wearing the shirt. It is not abandoning your people when they need you the most. Strength to all affected families. You are not alone. We are with you. Paraguay has overcome many difficulties. And this time too we will overcome, united, with work, dignity, and head held high,” he continued.
With about three million clients, Ueno Bank is the largest issuer of credit cards in Paraguay, but has become the target of investigations for financial problems and recently disclosed a solvency index, which measures the ability to pay, at less than half the minimum required.
The bank managed around US$850 million (R$ 4.64 billion) in Paraguayan public resources. Among its clients were, for example, retirees who received government benefits through the institution.
The case’s fallout led to the resignation of Carlos Carvallo, who chaired Ueno until 2023 and held the helm of the Central Bank. He left the post at the request of Paraguayan President Santiago Peña, who also resigned. The Public Ministry requested the opening of a criminal investigation into the case and ordered the arrest of eight people linked to the entity.
