IuteBank begins operating as a regular bank in Ukraine

IuteBank, part of the Estonian-based Iute Group, has completed the transition period following the bridge bank process and will begin operating as a regular bank in the Ukrainian market from 17 March.

The transition follows Iute Group’s earlier success in the open tender organised by the Deposit Guarantee Fund to transfer selected assets and deposit liabilities from RWS Bank. As of today, Iute Group has recapitalised IuteBank and successfully passed the inspection of the National Bank of Ukraine. With the confirmation that IuteBank meets all regulatory requirements, the Deposit Guarantee Fund will conclude its role in the process.

Following the transition period, IuteBank will now begin operating as a regular market participant. The bank will resume providing core services for its existing customers, including deposits, current accounts, and domestic instant payments.

Tarmo Sild, CEO of Iute Group, said that entering the Ukrainian market as an operational bank represents an important step in Iute’s expansion. “Successfully passing the inspection of the National Bank of Ukraine, completing the transition process, and entering the market as an operational bank marks an important milestone for IuteBank in Ukraine. Our focus now is on building a digital bank that provides everyday financial services for customers in Ukraine, with a full-scale digital offering planned for early 2027,” said Sild.

Arthur Muravitsky, CEO of IuteBank, said that the bank will initially focus on ensuring existing customers a smooth return to regular operations. According to him, the next phase for the bank focuses on strengthening its corporate governance and leadership structure, expanding services for customers, and preparing to launch the bank’s mobile application with account and deposit functionality.

“The completion of the transition period allows IuteBank to start operating as a regular market participant. We appreciate the cooperation with the Deposit Guarantee Fund and the National Bank of Ukraine throughout this process. Our immediate priority is to restore banking services for existing customers. In the next stage, we will introduce digital financial solutions,” said Muravitsky.

Iute Group CEO emphasised that the entry into Ukraine reflects the banking group’s long-term confidence in the country’s financial sector and its future as part of the European economic space. The Group and its subsidiaries have supported Ukraine since the start of the war.

Iute Group is a digital banking group focused on everyday financial services in Southeast Europe. Established 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 provides digital financial services including payments, banking, financing, and insurance intermediation. Iute Group finances its operations through equity, deposits, and secured bonds listed on the Regulated Market of the Frankfurt Stock Exchange and the Nasdaq Baltic Main List.