A country’s president led to a bank’s stunning rise, and its fall

President Santiago Peña Palacios of Paraguay addresses the 81st session of the United Nations General Assembly at the UN headquarters, on Wednesday, Sept. 23, 2026. (Dave Sanders/The New York Times) By ADAM B. ELLICK and LAURENCE BLAIR The bank offered Paraguayans a sleek financial future with only a credit card tap and a ping on their phones, complete with tantalizing deals of 40% cash back on credit card purchases. It had splashy sponsorship deals with soccer teams, and ambitions to be a…

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