Estonians to open a digital bank in Ukraine: how IuteBank will work
6 January 13:53
The Estonian banking group Iute Group has announced its intention to create a new digital bank in Ukraine. The project will be implemented on the basis of the bankrupt RVS Bank, the company’s press service said, "Komersant Ukrainian" reports
The new bank will operate under the IuteBank brand and will be the first fully digital bank of the group to operate in Ukraine without using the outdated IT systems and business practices of the previous bank.
Waiting for the NBU’s approval
Iute Group expects to receive the National Bank of Ukraine’s approval for the acquisition of Transitional Bank Ute Bank, which was established to replace RVS Bank, by the end of January.
Upon completion of the transaction, the new financial institution will officially start operating under the name IuteBank.
A bank from scratch without the legacy of old systems
Tarmo Sild, CEO of Iute Group, emphasized that the company’s strategy involves launching a bank from scratch.
“We are acquiring a transitional structure with a banking license, carefully selected assets and corresponding deposit liabilities originating from RWS Bank. This avoids any ‘legacy’ of past systems and practices,” he said.
According to Sild, this approach will ensure a small starting balance of the bank – up to EUR 10 million.
Who will head IuteBank in Ukraine?
The new bank will be headed by Artur Muravitsky, a Ukrainian banker with over 22 years of experience in the financial sector. Previously, he served as Deputy Chairman of the Board of TAScombank and Chairman of the Board of Finance Bank.
Mr. Muravitsky said that the first year of IuteBank’s operation will be devoted to the launch of a digital application and key financial products with gradual customer acquisition.
“The next stage involves scaling up the business – increasing volumes and expanding the product line,” he added.
Investments and financial expectations
Iute Group has set an internal investment limit for Ukraine of EUR 15 million until the profitability targets are achieved and the war is over.
The company predicts that IuteBank’s net loss in 2026 will not exceed EUR 3 million.
What is known about RVS Bank
RVS Bank was established in 2015 on the basis of the bankrupt Omega Bank and was controlled by the UBG group associated with former MP Ruslan Demchak. As of the beginning of 2025, 99% of the bank’s shares were owned by Oleksandr Stetsiuk, and another 1% by Kateryna Demchak.
The bank’s share in the Ukrainian market was only 0.04%. According to financial statements, the bank suffered losses of more than UAH 200 million in the first nine months of 2025. The bank’s equity almost halved, and its assets decreased from UAH 4.51 billion to UAH 1.51 billion. Problems with the loan and deposit portfolios began at the end of 2024.
A foreign bank entering the Ukrainian market
The launch of IuteBank may be one of the few examples of a foreign banking brand entering the Ukrainian market during the war.
The company emphasizes that it is focusing on digital services and controlled growth, without risky expansion at the start.
