IuteBank begins operating as a commercial bank in Ukraine

IuteBank, part of the Estonian Iute Group, has completed the transition period following the establishment of a bridge bank and will begin operating as a commercial bank in the Ukrainian market starting March 17.

This transition follows Iute Group’s previous success in the open tender organized by the Deposit Guarantee Fund for the transfer of certain assets and liabilities related to deposits from RWS Bank. Iute Group has recapitalized IuteBank and successfully passed the inspection conducted by the National Bank of Ukraine. Once it is confirmed that IuteBank meets all regulatory requirements, the Deposit Guarantee Fund will conclude its role in this process.

After the transition period ends, IuteBank will begin operating as a regular market participant. The bank will resume providing core services to existing customers, including deposits, checking accounts, and domestic instant payments.

Tarmo Sild, CEO of Iute Group, stated that entering the Ukrainian market as an operational bank represents an important step in Iute’s expansion process.

“Successfully passing the inspection conducted by the National Bank of Ukraine, completing the transition process, and entering the market as an operational bank marks an important milestone for IuteBank in Ukraine. We are currently focused on building a digital bank that will provide everyday financial services to customers in Ukraine, with the launch of a full digital offering planned for early 2027,” Sild said.

Arthur Muravitsky, CEO of IuteBank, stated that the bank will initially focus on ensuring a smooth return to normal operations for existing customers. According to him, the next stage of the bank’s development aims to strengthen corporate governance and management structure, expand the services offered to customers, and prepare for the launch of the bank’s mobile app, which will include features for accounts and deposits.

“The end of the transition period allows IuteBank to begin operating as a regular market participant. We appreciate the cooperation with the Deposit Guarantee Fund and the National Bank of Ukraine throughout this process. Our immediate priority is to restore banking services for existing customers. In the next phase, we will introduce digital financial solutions,” Muravitsky said.

The CEO of Iute Group emphasized that the group’s entry into the Ukrainian market reflects its long-term confidence in the country’s financial sector and in its future as part of the European economic area. The group and its subsidiaries have supported Ukraine since the start of the war.

Iute Group is a digital banking group focused on everyday financial services in Southeast Europe. Founded 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 offers digital financial services, including payments, banking, financing, and insurance brokerage. Iute Group funds its operations through equity, deposits, and covered bonds listed on the regulated market of the Frankfurt Stock Exchange and on the Nasdaq Baltic Main List.