A new digital bank may appear in Ukraine – Estonian banking group Iute Group plans to open it instead of the bankrupt “RWS Bank”. Iute Group, which focuses on digital technologies, plans to enter the Ukrainian market by creating a regulated bank with an emphasis on digital banking services for everyday financial needs. This was reported by the group’s press service.
The market entry should be based on an agreement with the Deposit Guarantee Fund of Ukraine after approval by the National Bank of Ukraine. Under its terms, Iute Group should receive a banking license belonging to the transitional bank, along with a selective transfer of low-risk assets and corresponding liabilities for deposits of individuals totaling approximately €4 million.
After the transaction is completed, the new Ukrainian banking structure, which will be headed by former CEO and member of the Board of Taskombank Artur Muravitsky, will become the legal successor to certain assets and liabilities for deposits of RWS Bank. The transaction price is expected to be €120,000.
“This is a step towards supporting our long-term goal of expanding digital banking services. Creating a fully digital bank in Ukraine through a selective transfer of a banking license and low-risk assets will allow us to expand our ecosystem in a disciplined and risk-controlled manner. The planned transaction structure is designed with a focus on long-term growth potential and maintaining clearly defined capital and loss limits,” the press service of Iute Group quoted Tarmo Silda, CEO.
Financier and founder of the Wallet Pro project Igor Dyshel noted in a new video on the Wallet Pro YouTube channel that this is an interesting precedent.
“Since the beginning of the full-scale war in Ukraine, banks have either been nationalized, or temporary administrations have been introduced in them, or they have been sold to existing players. And for a new foreign player to enter the Ukrainian market is something new. Therefore, it will be interesting to see whether the sale of “Ute Bank” to the Estonians will be completed this year and – most interestingly – what the Estonians will do with this bank,” the financier shared his thoughts on this matter.
Dyshel recalled that the transitional “Ute Bank”, which is currently owned by the FGVFO, appeared in Ukraine at the end of December 2025. It assumed the obligations of “RVS Bank” and thus becomes its legal successor. Subsequently, the Fund plans to sell the transitional financial institution Iute Group.
“Hence the name of the transitional bank – in honor of the investor who won the competition. “Ute Bank” was registered on December 17, and the very next day the Antimonopoly Committee considered the application of Iute Group to acquire control over it. And on December 24, “Ute Bank” received a banking license. Now it pays out the funds of “RVS Bank” depositors, if desired, these depositors can remain its clients. Most likely, after all the procedures, “YUTE Bank” will be sold to an Estonian financial group,” the video says.
As reported by the Deposit Guarantee Fund, “YUTE Bank” began servicing RVS Bank depositors on January 31, 2025. RWS Bank itself was classified as insolvent by the decision of the National Bank of Ukraine on November 4. The very next day, the Deposit Guarantee Fund introduced a temporary administration. The liquidation of RVS Bank began on January 5, 2026. It will last 3 years – until January 4, 2029 inclusive.
