Iute Group Plans to Enter Ukrainian Market with Banking License Acquisition

Iute Group, a digital-first banking entity based in Estonia, aims to enter the Ukrainian financial market. The company plans to establish a bank focusing on digital banking services by acquiring a banking license from Ukraine's state-owned Deposit Guarantee Fund, pending approval by the National Bank of Ukraine.

The acquisition involves a transfer of low-risk assets and retail deposit liabilities worth approximately EUR 4 million from RWS Bank to the newly formed entity. The purchase price of EUR 120 thousand will be funded from Iute Group's existing liquidity. The group anticipates a net loss not exceeding EUR 3 million in 2026 due to initial operational costs.

Led by Arthur Muravitsky, the bank aims to capitalize and prepare for the launch of its digital services. The strategic expansion seeks to tap into Ukraine's growing digital financial market while maintaining defined capital and loss limits.