Carlos Codas (slider)

Ferrere counsels Ueno on its digital bank establishment in Paraguay

Ferrere, through its team in Paraguay, has counselled Ueno Bank on the change of business model and the process of transformation to a bank. As a result, Ueno Bank has been established as a digital bank in the country.

This operation took place on 22 November 2023, where the Central Bank of Paraguay (BCP), through Resolution No. 22, Act No. 67, authorised the corporate transformation of Ueno and granted it the authorisation to start operations as a bank, a process that had been initiated in December 2021, following the decision of the extraordinary shareholders’ meeting of Ueno to carry out the necessary procedures for the transformation.

The consultancy also involved the change of the entity from S.A.E.C.A. (an open capital issuing company) to S.A. (a financial corporation which, as such, can publicly issue debt securities); as well as the structuring of the steps to obtain the necessary authorisations, both from the BCP and the Superintendencia de Valores (SIV), and the collection, preparation and organisation of the documentation required for such authorisations.

Ferrere’s team was led by partner Carlos Codas (pictured), and included associates Maurizio De Oliveira Lagoa, Belén Morel and Kristel Duarte.

L Giselle Estrada