The Estonian banking group Iute Group plans to launch a new digital bank in Ukraine based on the bankrupt RVS Bank, its press service reported on Tuesday.
Iute expects to obtain approval from the National Bank of Ukraine by the end of January to acquire the newly created entity replacing RVS Bank, PJSC "Transitional Bank IuteBank." The new bank will operate under the name IuteBank.
Iute Group is a digital banking group focused on everyday financial services in Southeastern Europe. Founded in 2008 and headquartered in Estonia, the company serves clients in Albania, Bulgaria, Moldova, North Macedonia, and Ukraine. Iute Group finances its operations through equity, deposits, and secured bonds traded on the regulated market of the Frankfurt Stock Exchange and the main list of Nasdaq Baltic.
“Completing this transaction will allow us to enter the Ukrainian market and add the first fully digital bank to the group, operating under our brand without any legacy from previous systems or practices. IuteBank is being built from scratch: we are acquiring a transitional structure with a banking license, carefully selected assets, and corresponding deposit liabilities inherited from RWS Bank,” said Iute Group CEO Tarmo Sild.
He noted that this approach will give the bank a small initial balance—up to 10 million euros.
The bank is to be led by Arthur Muravitsky, an experienced Ukrainian banking executive with more than 22 years in the financial sector. He has most recently served as Deputy CEO and Management Board Member at TASCOMBANK and previously held senior roles at Ukrposhta, Finance Bank and VTB Bank in Ukraine.
“During the first year, the focus will be on launching the digital app and key financial products while beginning to attract clients. The next stage will focus on scaling the business—growing volumes and expanding the product offering,” Muravytsky said.
Iute Group has set an internal investment threshold in Ukraine of 15 million euros until certain profitability and performance targets are met and until the war ends. The expected net loss of the bank in 2026 is not expected to exceed 3 million euros.
“This step is being taken to support our long-term objective of expanding digital banking services in a disciplined and responsible manner. Establishing a fully digital bank in Ukraine through the selective transfer of a banking license and low-risk assets would allow us to expand our ecosystem in a disciplined and risk-controlled manner. The intended structure of the transaction is designed to participate in long-term growth potential while maintaining clearly defined capital and loss limits," said Tarmo Sild, CEO of Iute Group.
