# Paraguay's president resigns after bank collapse

> Santiago Peña steps down following a political crisis triggered by the insolvency of a bank he once owned a stake in.
- Title: Paraguay's president resigns after bank collapse · BBC News
- Summary: Santiago Peña steps down following a political crisis triggered by the insolvency of a bank he once owned a stake in.
- Keywords: santiago peña, paraguay, ueno bank, bank collapse, resignation, impeachment, BBC News
- Source: BBC News — https://bbc.co.uk/news/articles/c6p9g39vln3yo
- Read time: 1 min
- Topics: santiago peña, paraguay, ueno bank, bank collapse, resignation, impeachment, news, world
## President announces resignation
Paraguay's President Santiago Peña announced his resignation in a video message on social media following a political crisis sparked by a bank collapse.

> I want to apologise to the people if at any point I failed.
## Bank collapse and accusations
Ueno Bank entered insolvency, freezing all operations. Lawmakers accused Peña, a former shareholder in the company that owned the bank, of conflicts of interest and misconduct.
## Millions lose access to accounts
Ueno Bank served about three million customers, equivalent to about sixty percent of Paraguay's adult population. After its collapse, millions could not access their accounts or pensions.
## Key takeaway

Paraguay's President Santiago Peña resigned after a bank collapse sparked accusations of conflicts of interest, averting an impeachment trial.