Iute Group, which originated in Estonia, has obtained regulatory approval to launch a digital bank in Ukraine. This clearance came after receiving the nod from the National Bank of Ukraine and completing a formal agreement.

In line with this development, Iute Group is set to establish its banking operations under the brand name IuteBank within Ukraine. Earlier, the company had succeeded in an open tender organized by the Ukrainian Deposit Guarantee Fund, which paved the way for taking over selected assets and deposit liabilities of RWS Bank, including approximately 13,000 retail customer accounts. This process will be managed through a bridge bank mechanism regulated by Ukrainian authorities.

Implementation Phase and Future Plans

The next phase involves capitalizing IuteBank, assembling an initial management and operational team, and fulfilling the remaining supervisory requirements set forth by the National Bank of Ukraine. Services are anticipated to begin in early 2027, including payment accounts, cards, deposits, lending, foreign exchange transactions, settlement services, and cash operations.

Iute Group has indicated that its total investment in Ukraine will be capped at EUR 15 million until specific revenue and profitability goals are achieved. This reflects the group’s ongoing risk management strategy.

The Ukrainian Deposit Guarantee Fund highlighted this transaction as a demonstration of how their country’s banking resolution framework aligns with international standards, involving licensing, asset and liability transfers, and the sale to a foreign investor within a short timeframe, with oversight from multiple Ukrainian regulators.

Iute Group has been active since 2008, operating across various European markets such as Albania, Bulgaria, Moldova, and North Macedonia, providing digital financial services.