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# Estonia's Iute Group Opens IuteBank for Business in War-Torn Ukraine
- URL: https://www.theglobalbanker.com/estonian-fintech-iutebank-opens-for-business-in-war-torn-ukraine/
- Published: 2026-03-19T07:09:31.000Z
- Updated: 2026-10-01T21:27:38.000Z
- Description: Iute Group, the Estonian personal finance company whose bonds are listed on Nasdaq Tallinn, has formally launched banking operations in Ukraine under the IuteBank brand, becoming the first foreign bank to enter the country's competitive financial market since 2021.
- Author: TGB Editorial Team
- Tags: Banking News, Europe

Iute Group, the Estonian personal finance company whose bonds are listed on Nasdaq Tallinn, has formally launched banking operations in Ukraine under the IuteBank brand, becoming the first foreign bank to enter the country's competitive financial market since 2021\. The launch, announced on Monday after Ukraine's central bank confirmed on 13 March that IuteBank had met all regulatory requirements, allowed IuteBank to begin operating on 17 March.

#### BRIDGE BANK TO FULL BANK

The entry follows a structured path through Ukraine's deposit guarantee framework. Iute Group won an open tender organised by the Deposit Guarantee Fund in January to acquire selected assets and deposit liabilities from RWS Bank, a domestic institution that the National Bank of Ukraine had declared insolvent in November 2025\. The process used a bridge bank, through which Iute took over low-risk assets and retail deposit liabilities of about EUR 4 million from the failed lender.

During the transition period, Iute Group injected 293 million hryvnias, approximately 5.8 million euros, to recapitalise IuteBank and bring it into compliance with the National Bank of Ukraine's supervisory requirements. The central bank confirmed that IuteBank had met all regulatory requirements and completed its supervisory inspection, allowing it to begin standard banking operations.

#### THIRTEEN THOUSAND CUSTOMERS INHERIT

IuteBank takes on the responsibility of serving approximately 13,000 retail customers who had previously banked with RWS Bank. These customers will have access to core banking services including domestic instant payments, deposits and current accounts. IuteBank CEO Arthur Muravitsky said the immediate priority was to ensure a smooth restoration of banking services for existing customers.

Iute Group CEO Tarmo Sild said the focus is on building a digital bank that provides everyday financial services for customers in Ukraine. The group also operates in Moldova, Albania, North Macedonia and Bulgaria. A full-scale digital offering, including expanded mobile banking features, is planned for early 2027.

#### A DIGITAL-FIRST BET ON UKRAINE

Ukraine has about 60 banks, which earned nearly $3 billion in profit in 2025\. Competitors include state-owned PrivatBank and Oschadbank as well as digital-focused monobank.

Sild said that beginning banking operations in Ukraine "marks an important milestone in Iute's expansion strategy". Founded in 2008, the group funds itself through equity, deposits and secured bonds listed on the Frankfurt Stock Exchange and the Nasdaq Baltic Main List.

#### RISK AND REWARD IN EQUAL MEASURE

Iute has capped its investment in Ukraine at EUR 15 million until revenue and profitability thresholds are met and the war ends, with an initial balance sheet of under EUR 10 million. 

IuteBank aims to attract 300,000 customers over six years.