Curitiba and São Paulo The Ueno Bank crisis slowed the interest of Brazilian businesspeople in opening businesses in Paraguay after an increase in demand for this type of investment following the election of Luiz Inácio Lula da Silva (PT), on October 25, according to the Brazil-Paraguay Chamber of Commerce.
The entity registered such an intense demand for legal and accounting guidance in the week following the Brazilian elections that there were no time slots in its consultants' schedules to assist those interested in opening companies in the neighboring country.
With the intervention in the Paraguayan bank, however, some of the businesspeople decided to wait before moving forward with the projects.
"It was a very intense week. And we received the news with cold water this last week, that many businesspeople are already a little afraid of going there", says Jeancarlos Araldi, financial vice-president of the Chamber.
The Central Bank of Paraguay subjected Ueno Bank to a resolution procedure on Tuesday (3), after identifying problems in its financial situation and fraud involving the Vázquez Group — the bank's controller. The measure suspended the institution's operations and began the process of transferring and paying deposits to customers.
The Chamber received questions from Brazilians who kept money in the bank, but Araldi states that, among the members served by the entity, the majority of affected customers were individuals, not companies.
According to him, Ueno was used by Brazilians, especially in business in border regions, and by Paraguayans who received salaries and moved smaller amounts. "It's very difficult for a company to have an account on it, there are more individuals", he says.
The entity set up a team of economists and lawyers to assist members and other Brazilians with questions about the movement of resources. According to Araldi, some companies have already started to receive amounts held in other Paraguayan financial institutions, but the Chamber does not have a survey of the total number of customers served.
LIMITED IMPACT
The movement to look for business in Paraguay was also noticed by Luiz Fernando Nóbrega, president of the Instituto Paulista de Contabilidade. He took accountants and businesspeople to the country in the week before the Ueno crisis, on a visit to learn about the business environment and investment opportunities.
Nóbrega states that businesspeople who were already considering opening operations in the country decided to postpone their plans after the episode. “Many people I know who would be ready to start thinking more seriously have hit the brakes, which is natural,” he says.
The accountant assesses that the impact on Brazilian companies already installed in Paraguay tends to be limited, although local suppliers may face difficulties if they have money retained in the bank.
A company that exports the majority of its production, for example, may suffer indirect effects if a Paraguayan supplier is unable to access the resources necessary to deliver goods. “It has an impact, but it’s not that relevant,” he says.
Nóbrega says that the companies visited by the institute on the trip did not express regret for having taken part of the operation to Paraguay. He attributes the interest to tax incentives, production costs and proximity to Brazil.
"Paraguay will soon become a very strong option to be considered again", he states.
One of the attractions is the Maquila Law, aimed at companies that manufacture products in Paraguay for export. The country also offers incentives for the import of machinery and equipment used in production. The decision to set up an operation, however, requires evaluating logistical costs and distance from customers.
"When the company begins to understand the sum of these benefits, it has a very cool possibility of tax savings", he states.
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Socks manufacturer Lupo, which opened its first factory abroad in June 2025, in Ciudad del Este, stated that its activities in Paraguay continue normally and were not affected by the Ueno crisis.
The company reported that it does not maintain a banking relationship with Ueno Bank and that it carries out its financial operations in the country through another bank, unrelated to the case.
The Paraguayan unit received an investment of R$30 million and has the capacity to produce up to 20 million pairs of socks per year. At the time of the inauguration, the company stated that production costs in the country were at least 28% lower than in Brazil.
INSTITUTIONS ARE STRONG, SAYS HANG
Owner of Havan, businessman Luciano Hang believes that the scandal involving President Santiago Peña has not changed his opinion about Paraguay.
Hang is part of the movement of right-wing businesspeople who have spent recent months defending the expansion of business to the neighboring country in search of "economic freedom and conservatism in customs".
In a statement this Friday (6), Hang said that press coverage of the scandal is "ideologically biased", and that Peña's resignation shows that the country's institutions are strong and democracy works.
"There is no place in the world where scandals do not happen, whether in a municipality, state or country. The important thing is that everything is clarified and the guilty parties are punished. So far, the institutions are functioning correctly. It's as simple as that," said Hang.
The businessman met Peña on a visit to Paraguay this year and said he is still looking for a location to open the first Havan unit in the country.
"We are looking for a place to invest, build our megastore, create jobs and bring Havan to Paraguayans. We continue working to make this project a reality," said Hang.
