Estonian digital banking group Iute Group has announced its intention to enter the Ukrainian market. The company plans to establish a regulated bank with a focus on mobile financial services.
This is stated in the group’s official announcement.
Terms of the agreement and financial details
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The market entry will take place through an agreement with the Deposit Guarantee Fund (DGF) in consultation with the National Bank of Ukraine.
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According to the agreement, Iute Group will acquire the banking license of the bridge bank along with selected assets and liabilities to retail depositors of RWS Bank.
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The total amount of deposits transferred to the new structure is approximately €4 million. The license itself will cost the Estonian group €120,000, which will be allocated from the company’s available liquidity.
The group adheres to strict investment discipline: according to forecasts, the net loss from Ukrainian operations in 2026 should not exceed €3 million. As part of the agreement, Iute Group is not purchasing a branch network, but is focusing on digital service channels.Â
Approximately 13,000 customer accounts will be transferred to the newly established bank. The transferred assets consist mainly of government bonds and cash, while the loan portfolio remains outside the scope of the agreement.
The new financial institution, which will operate under the IuteBank brand, will be headed by Artur Muravitsky. He has over 22 years of experience in the Ukrainian banking sector.Â
Prior to this appointment, Muravitsky served as deputy chairman of the board of TASCOMBANK and previously held management positions at Ukrposhta, Finance Bank, and VTB Bank.
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