Iute Group Successfully Acquires Banking License and Enters Ukraine Market

Iute Group Successfully Acquires Banking License and Enters Ukraine Market

Tallinn, Estonia, 15 January 2026. Iute Group, a European digital-first banking group, successfully enters the Ukrainian market by establishing a regulated bank with a strong focus on digital banking services for everyday financial needs. The market entry follows the approval by the National Bank of Ukraine and is based on an agreement with Ukraine’s Deposit Guarantee Fund. Under the agreement, Iute Group acquires a banking license together with a selective transfer of low-risk assets and corresponding retail deposit liabilities with a total volume of approximately EUR 4 million from former RWS Bank to Iute Group’s newly established bank entity in Ukraine.

The assets acquired consist primarily of government bonds and cash as well as all intangible assets related to banking operations, while loan portfolio and no related credit risk are excluded. Approximately 13,000 retail customers together with their accounts and deposits are transferred as part of the transaction. No branch network is taken over. The bank will be supervised by the National Bank of Ukraine and operate under the brand IuteBank. It will be led by Arthur Muravitsky, an experienced Ukrainian banking executive with more than 22 years in the financial sector.

The total consideration paid amounts to EUR 142 thousand and is financed from existing Group liquidity. Of this amount, approximately EUR 32 thousand relates to existing equity transferred with the acquired entity. The remaining EUR 120 thousand reflects the difference between the purchase consideration and the fair value of the acquired assets and existing equity, primarily representing the value attributed to the banking license, regulatory platform and market entry. Iute Group applies a strict investment discipline. Investments in Ukraine will be made gradually and depending on operational developments and may not exceed EUR 15 million. The net loss of the Ukrainian banking operations in 2026 is expected not to exceed EUR 3 million.

The entry into Ukraine supports Iute Group’s long-term objective to expand its digital-first banking model and to provide simpler, faster and fairer financial services through digital channels. 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. Iute Group’s risk-controlled entry structure would allow participation in this long-term growth potential while maintaining clearly defined capital and loss limits.

Tarmo Sild, CEO of Iute Group: “This transaction is fully aligned with our company's strategic direction to build a digital bank, where geographical expansion of the business is part of the evolution. The decision to enter the Ukrainian market reflects our confidence in the country's future and its integration into the European economic space. We look at Ukraine as a huge growth opportunity for Iute and for Europe, as the war has turned the country into the most digital financial market. We see Ukraine as a forefront of growth for the next five years, thanks to the courage of this nation.”

Investor Call:

CEO Tarmo Sild and CFO Kristel Kurvits will comment on the transaction by means of a webcast presentation on 19 January 2026, 16.00 CET. The webcast/call will be held in English.

Please register in time to participate in the webcast/call at:
Iute Group – Investors Call.

Contact:

Kristel Kurvits, Group Chief Financial Officer (CFO)
Email: investor@iute.com
Phone: +372 622 9177

About Iute Group:

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.

www.iute.com