European digital-first banking group Iute Group plans to enter the Ukrainian market by launching a bank under the IuteBank brand with a focus on digital banking services for everyday financial needs, the company said on its website on Tuesday.
“This step is aimed at supporting our long-term goal of expanding digital banking services in a disciplined and responsible manner,” said Iute Group CEO Tarmo Sild.
According to the announcement, the market entry involves an agreement with the Deposit Guarantee Fund (DGF) after approval by the National Bank of Ukraine (NBU).
Under the agreement, Iute Group plans to acquire PJSC “Transitional Bank ”Iute Bank” with a banking license, to which a selective portfolio of low-risk assets and corresponding retail deposit liabilities totaling approximately EUR4 million were transferred from the insolvent RVS Bank.
The expected price of the transaction will be EUR120 thousand, with financing planned from the group’s available liquidity. Iute Group also reported that it expects the net loss of Ukrainian banking operations in 2026 not to exceed EUR3 million.
Upon completion of the transaction, the Ukrainian banking structure is to become the successor to the selected assets and deposit liabilities of RVS Bank. The assets to be transferred mainly include government bonds and cash, while the loan portfolio and related credit risks are not planned to be transferred.
The company expects that around 13,000 retail customers will be transferred as part of the deal, along with their accounts and deposits, but without the branch network.
The bank’s CEO will be Artur Muravitsky, who has over 22 years of experience in the financial sector and previously held the position of deputy chairman of the board of TAScombank and management positions at Ukrposhta, Finance Bank, and VTB Bank in Ukraine.
According to Iute Group, the initial steps after the deal is done will include capitalizing the bank, putting together a key team, and getting ready to launch digital banking services.
As reported, in December, the Deposit Guarantee Fund announced a competition for the best proposal to settle RVS Bank, which the National Bank had declared insolvent. As part of this procedure, the transitional bank Iute Bank was created, headed by Muravitsky.
According to the NBU, as of November 1, 2025, RVS Bank ranked 53rd (UAH 819.8 million) among 60 solvent banks in terms of assets.
According to information on the Iute Group website, it was founded in 2008 by Sild and Allar Niinepuu and is currently a technology-oriented financial services provider serving over 970,000 customers in the Balkans, as well as being present in the Moldovan market since 2008. The group is headquartered in Tallinn, has over 800 employees and more than 50 branches.
Iute Group expanded through several non-bank financial institutions to Albania in April 2015, North Macedonia in September 2017, and Bulgaria in February 2019, and in 2022 acquired a 95% controlling stake in Moldova’s Energbank.
Iute Group provides lending, payment, currency exchange, and insurance brokerage services.
