Iute Group receives regulatory approval to establish a digital bank in Ukraine

Iute Group, a banking group founded in Estonia, has received approval from the National Bank of Ukraine and signed an agreement that enables to proceed with establishing a digital bank in Ukraine.

Previously, Iute Group won an open tender organised by the Ukrainian Deposit Guarantee Fund. This was followed by approval from the National Bank of Ukraine and the signing of an agreement allowing to take over selected assets and deposit liabilities of RWS Bank, including the transfer of around 13,000 retail customers.

Tarmo Sild, CEO of Iute Group, said that receiving regulatory approval and signing the agreement mark a transition from the preparation phase to execution. “The next milestones are capitalising the bank, onboarding the initial team, and complying with the National Bank of Ukraine to commence daily operations. We expect to launch full banking operations and begin new customer acquisition in the first quarter of 2027,” said Sild.

According to Sild, geographic expansion is part of Iute’s strategy to build a digital bank for everyday financial life for customers in Southeast Europe. “The decision to enter Ukraine is based on our confidence in the country’s future and its role in the European economic space. We look at Ukraine as a huge growth opportunity for Iute and for Europe, as the war has changed the country into the most digital financial market with the sixth largest population in Europe,” Sild added. Entry into Ukraine follows the same disciplined risk management principles applied across Iute’s other markets. “The Group’s total investment in Ukraine will not exceed EUR 15 million until defined revenue and profitability targets are achieved,” he explained.

The bank will be named IuteBank and supervised by the National Bank of Ukraine. The banking licence enables Iute to provide all core banking services, including accounts for retail and corporate customers, cards, deposits, loans, payments, foreign exchange operations as well as cash and settlement services. The bank will be led by Arthur Muravitsky, who has 22 years of experience in the Ukrainian financial sector. According to Muravitsky, the contribution of both the Deposit Guarantee Fund and the National Bank of Ukraine has been essential in the progress of the project.

Olga Bilai, Managing Director of the Deposit Guarantee Fund of Ukraine, said that this case demonstrates that Ukraine’s banking market operates transparently and in line with international best practices. “The agreement with Iute Group involved establishing a bridge bank, obtaining the license, transferring assets and liabilities, and subsequently selling it to a foreign investor within an extremely short timeframe. This was made possible through productive cooperation with the National Bank of Ukraine, the Antimonopoly Committee of Ukraine, the National Depository of Ukraine, and the National Securities and Stock Market Commission,” she said.

Iute Group and its subsidiaries have supported Ukraine since the start of the war, including monetary donations, and considers the entry into Ukraine a long-term European investment.

Iute Group is a digital banking group focused on everyday financial services in Southeast Europe. Established in 2008 and headquartered in Estonia, Iute serves customers in Albania, Bulgaria, Moldova, North Macedonia and Ukraine. Through the Myiute app and its local operations, Iute provides digital financial services including payments, banking, financing and insurance intermediation. Iute Group finances its operations through equity, deposits and secured bonds listed on the Regulated Market of the Frankfurt Stock Exchange and the Nasdaq Baltic Main List.