Paraguayan President Santiago Peña reportedly resigned on Thursday amid a crisis at Ueno Bank that allegedly prevented nearly three million customers from accessing their funds, triggering protests and parliamentary pressure.

The central bank reportedly placed the institution under administration and initiated liquidation proceedings following capital shortages and deteriorating financial solvency.

The bank allegedly held approximately $850 million in public funds, including pension and healthcare resources.

Peña faced accusations of mismanagement and conflicts of interest over his former shareholding in a group controlling the bank. Eight senior bank officials were reportedly detained.

Vice President Pedro Alliana was reported to have succeeded Peña as president.