FERRERE advises Ueno Bank S.A. on business model change to become a digital bank in Paraguay.
FERRERE Paraguay advised Ueno Bank S.A., on the full process of its transformation into a bank, as well as its change from being an S.A.E.C.A. (a publicly traded corporation) to an S.A. (a privately held financial corporation which, as such, may publicly issue debt securities).
On November 22 the Central Bank of Paraguay (BCP), in Resolution No. 22, Minutes No. 67, approved Ueno’s corporate transformation and authorized startup of its operations as a bank, in a process launched in December 2021, following a decision by a Ueno special shareholders meeting to take the steps necessary for the transformation.
FERRERE advised Ueno on the entire process, including structuring of the arrangements for obtaining the necessary authorizations from both the BCP and the Superintendency of Securities (SIV), and compiling, preparing and organizing the documentation required for those authorizations.
FERRERE’s work was led by partner Carlos Codas, along with a team of practitioners including associates Maurizio De Oliveira Lagoa, Belén Morel and Kristel Duarte.