Earlier, Iute Group won an open tender organized by the Deposit Guarantee Fund of Ukraine. Subsequently, the approval of the National Bank of Ukraine was obtained and an agreement was signed allowing the takeover of selected assets and deposit liabilities of RWS Bank, including the transfer of approximately 13,000 retail customers.
Tarmo Sild, CEO of Iute Group, said that obtaining regulatory approval and the signing of the agreement marks the transition from the preparation phase to implementation. “The next steps are to capitalize the bank, form the initial team and ensure compliance with the requirements of the National Bank of Ukraine to start current operations. We estimate to launch full banking operations and start attracting new customers in the first quarter of 2027,” Sild said.
According to Sild, the geographic expansion is part of Iute’s strategy to build a digital bank for the everyday financial needs of customers in Southeast Europe. “The decision to enter the Ukrainian market is based on our confidence in the country’s future and its role in the European economic space. We see Ukraine as a major growth opportunity for Iute and for Europe, as the war has accelerated the country’s transformation into one of the most digitalized financial markets with the sixth largest population in Europe,” Sild added. The entry into the Ukrainian market follows the same rigorous risk management principles applied in Iute’s other markets. “The Group’s total investment in Ukraine will not exceed €15 million until clearly defined revenue and profitability targets are achieved,” he explained.
The bank will be called IuteBank and will be supervised by the National Bank of Ukraine. The banking license allows Iute to offer all basic banking services, including accounts for individual and corporate customers, cards, deposits, deposits, loans, payments, foreign exchange operations, as well as cash and settlement services. The bank will be headed by Arthur Muravitsky, who has 22 years of experience in Ukraine’s financial sector. According to Mr. Muravitsky, the contribution of both the Deposit Guarantee Fund and the National Bank of Ukraine has been instrumental in advancing the project.
Olga Bilay, General Director of the Deposit Guarantee Fund of Ukraine, said that this case demonstrates that the Ukrainian banking market is functioning transparently and is aligned with international best practices. “The agreement with Iute Group entailed the establishment of an intermediary entity, obtaining the license, transfer of assets and liabilities, and subsequent sale to a foreign investor in an extremely short period of time. This was made possible thanks to the effective cooperation with the National Bank of Ukraine, the Antimonopoly Committee of Ukraine, the National Depository of Ukraine and the National Commission of the Securities Market and Stock Exchange,” she said.
The Iute Group and its subsidiaries have supported Ukraine since the beginning of the war, including through financial donations, and sees entering the Ukrainian market as a long-term European investment.
Iute Group is a digital banking group focused on financial services for everyday use in Southeast Europe. Founded in 2008 and headquartered in Estonia, Iute serves customers in Albania, Bulgaria, Moldova, Northern Macedonia and Ukraine. Through the Myiute app and its local operations, Iute offers digital financial services including payments, banking, financing and insurance intermediation. Iute Group finances its operations through equity, deposits and covered bonds, listed on the Regulated Market of the Frankfurt Stock Exchange and the Nasdaq Baltic Main List.
