Iute Group, a European digital-first banking group, has announced plans to enter the Ukrainian market.

As part of the move the company is taking on 13,000 customers, along with their assets, from RWS Bank, a domestic institution which was declared insolvent by the National Bank of
Ukraine (NBU) in November last year.

The launch of IuteBank in Ukraine follows an agreement with the country’s state-owned Deposit Guarantee Fund following approval by the NBU.

Under the agreement, Iute Group will acquire a banking license held by a bridge bank.

The company will also receive low-risk assets and retail deposit liabilities worth about €4 million from RWS Bank.

Iute Group said the purchase price will total around €120,000, financed from existing liquidity in the group.

According to its calculations, Iute Group said it expects the net loss of the Ukrainian banking operations in 2026 to remain under €3 million.

Following completion of the transaction, the Ukrainian bank entity will become the legal successor to selected assets and deposit liabilities of RWS Bank.

The company said the assets to be transferred consist primarily of government bonds and cash, with loan portfolio and no related credit risk to be excluded.

The entry into Ukraine supports the company’s long-term objective to expand its digital-first banking model and provide simpler and faster financial services through digital channels.

Iute Group said Ukraine has developed into one of Europe’s most digital financial markets in recent years, with a large population and high adoption of digital financial services.

The bank will be led by Arthur Muravitsky, an experienced Ukrainian banking executive with more than 22 years in the financial sector.

He most recently served as deputy chief executive and management board member at TASCOMBANK and previously held senior roles at Ukrposhta, Finance Bank, and VTB Bank in Ukraine.

“Establishing a fully digital bank in Ukraine through the selective transfer of a banking licence and low-risk assets would allow us to expand our ecosystem in a disciplined and risk-controlled manner,” said Tarmo Sild, chief executive of Iute Group. “The intended structure of the transaction is designed to participate in long-term growth potential while maintaining clearly defined capital and loss limits.”

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