Iute Group has officially launched its banking business in Ukraine under the brand IuteBank.
Earlier this year, Iute Group acquired a local banking licence from a bridge bank.
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The acquisition included a transfer of certain low-risk assets and retail deposit liabilities amounting to roughly €4m ($4.6m) from RWS Bank.
In its initial phase, IuteBank will offer a limited range of banking services, including current accounts, deposit products, and instant payments for its current customers.
Iute Group CEO Tarmo Sild said: “Beginning banking operations in Ukraine marks an important milestone in Iute’s expansion strategy. Completing the transition process and starting operations earlier than initially expected reflects the constructive cooperation with the Ukrainian authorities and the strong commitment of our team.
“Our focus now is on building a digital bank that provides everyday financial services for customers in Ukraine, with a full-scale digital offering planned for early 2027. Our entry into Ukraine reflects our long-term confidence in the country’s financial sector and its future as part of the European economic space.”
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By GlobalDataExpansion of the bank’s digital services, including mobile banking features and customer acquisition activities, is scheduled for early 2027.
During the transition period, Iute Group strengthened IuteBank’s capital by investing Hrv293m ($6m), falling within the company’s previously announced investment of up to €15m allocated for Ukrainian market entry.
The National Bank of Ukraine has verified that IuteBank has satisfied all regulatory requirements and completed the necessary supervisory inspection, allowing the bank to commence standard operations.
IuteBank CEO Arthur Muravytsky commented: “Our immediate priority is to ensure a smooth restoration of banking services for existing customers. In the next phase, we will strengthen the bank’s corporate governance and leadership structure, gradually expand services for existing customers and prepare the launch of our mobile banking application with account and deposit functionality.”
