Iute Group Acquires Banking License and Enters Ukraine

Iute Group, a European banking entity based in Tallinn, Estonia, has secured a banking license to enter the Ukrainian market. The group focuses on digital-first banking services to cater to daily financial needs. The move is facilitated by an agreement with Ukraine’s Deposit Guarantee Fund and approved by the National Bank of Ukraine. This agreement involves acquiring low-risk assets totaling approximately EUR 4 million from the former RWS Bank, including government bonds and cash, while assuming no loan portfolio or branch network.

IuteBank will operate under the supervision of the National Bank of Ukraine. It will be led by Arthur Muravitsky, an expert with over 22 years in Ukraine's banking sector. The transaction involved a total payment of EUR 142,000. The strategic expansion aligns with Iute Group's goal to provide innovative digital financial services across Europe, capitalizing on Ukraine's digital market potential, while managing capital and loss constraints. The expansion marks a substantial opportunity for growth in a region increasingly adopting digital banking solutions.