Iute has won Ukraine's state-organized tender conducted by Deposit Guarantee Fund to take over selected assets and deposit liabilities of RWS Bank, a Ukrainian bank with over 30 years of history and former Swedbank ownership.

The bank will be named IuteBank and supervised by the National Bank of Ukraine. Around 13,000 customers are expected to transfer from RWS Bank. 

The company will cap total investment in Ukraine at €15 million, with the bank's expected net loss in 2026 limited to €3 million.

Tarmo Sild, CEO of Iute Group, said the decision to enter Ukraine is based on confidence in the country's future and its integration into the European economic space.

"We look at Ukraine as a huge growth opportunity for Iute and for Europe, as the war has changed the country into the most digital financial market with the sixth largest population in Europe, and with changes in the national mindset. War changes a lot. I see Ukraine as a forefront of growth within five years from now, thanks to the bravery of that nation," he stated.

IuteBank will be led by Arthur Muravitsky, an experienced Ukrainian banking executive with more than 22 years of experience in the financial sector, Iute said.

Iute Group is a digital banking group focused on everyday financial services in Southeast Europe. The company was established in 2008 and is headquartered in Estonia. Iute serves customers in Albania, Bulgaria, Moldova, North Macedonia and Ukraine.

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