Iute Group Receives Regulatory Approval to Establish a Digital Bank in Ukraine

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

Previously, Iute Group won an open tender organized by the Deposit Guarantee Fund of Ukraine. Subsequently, approval was obtained from the National Bank of Ukraine, and an agreement was signed allowing for the acquisition of selected assets and deposit-related liabilities of RWS Bank, including the transfer of approximately 13,000 retail customers.

Tarmo Sild, CEO of Iute Group, stated that obtaining regulatory approval and signing the agreement marks the transition from the preparation phase to the implementation phase. “The next steps involve capitalizing the bank, forming the initial team, and ensuring compliance with the National Bank of Ukraine’s requirements for launching day-to-day operations. We expect to launch full banking operations and begin attracting new customers in the first quarter of 2027,” Sild said.

According to Sild, this geographic expansion is part of Iute’s strategy to build a digital bank tailored to the everyday financial needs of customers in Southeast Europe. “Our decision to enter the Ukrainian market is based on our confidence in the country’s future and its role within the European economic area. We view 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 digitized financial markets, with the sixth-largest population in Europe”, added Sild. 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 euros until clearly defined revenue and profitability targets are met”, he explained.

The bank will be named 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 clients, 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 Ukraine’s financial sector. According to Muravitsky, the contributions of both the Deposit Guarantee Fund and the National Bank of Ukraine were essential to moving the project forward.

Olga Bilai, Director General of the Deposit Guarantee Fund of Ukraine, stated that this case demonstrates that Ukraine’s banking market operates transparently and is aligned with international best practices. “The agreement with Iute Group involved establishing an intermediary entity, obtaining a license, transferring assets and liabilities, and subsequently selling the bank to a foreign investor within an extremely short timeframe. This was made possible thanks to effective 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 stated.

Iute Group and its subsidiaries have supported Ukraine since the start of the war, including through financial donations, and view 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, 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 finances its operations through equity, deposits, and covered bonds, listed on the Frankfurt Stock Exchange’s Regulated Market and the Nasdaq Baltic Main List.