A new M&A deal is taking shape in Ukraine’s banking market as, following an NBU order, ICU Group is in talks to sell Avangard Bank, an asset that could appeal to strategic buyers as an off-the-shelf banking licence and payments infrastructure.
Ukraine’s financial assets market may soon see another high-profile transaction. The National Bank of Ukraine has required ICU shareholders Makar Paseniuk and Kostiantyn Stetsenko to sell Avangard Bank, and on March 30, 2026, according to Forbes Ukraine, the regulator refused to extend the deadline for completing the sale. Among the companies reportedly linked to potential interest in the asset are Nova Group and Rozetka.
For the investment market, this case matters not only as a story of conflict between the regulator and the bank’s owners, but also as a signal of demand for banking assets from large non-bank groups. Given the profile of the potential bidders, it suggests that small banks in Ukraine are increasingly being viewed not as a classic standalone investment, but as a vehicle for fast entry into regulated finance, the launch of payment services, and the development of broader financial ecosystems.
Avangard is precisely this kind of asset. According to the NBU, as of February 1, 2026, the bank had assets of UAH 2.248 billion, liabilities of UAH 1.887 billion, and equity of UAH 361.4 million. The institution has no branch network and does not materially operate in retail banking, while its activity is concentrated in the foreign exchange, money, and capital markets. According to Forbes Ukraine, the bank’s primary value for a potential buyer lies in its banking licence, ready-made infrastructure, and the ability to integrate financial services into an already operating business.
At the same time, the transaction is unfolding against the backdrop of significant legal overhang surrounding the asset. The NBU’s conflict with ICU shareholders is linked to the case involving domestic government bonds of the former Ukrainian subsidiary of Russia’s Sberbank, while a separate court dispute with the Cabinet of Ministers is ongoing over claims exceeding UAH 1 billion. This factor may prove decisive for the structure of the deal, the valuation of the asset, and the final pool of bidders, as any potential buyer would effectively be assessing not only the licence and infrastructure, but also the full package of regulatory and litigation risk.
Against the backdrop of statements by Nova co-owner Viacheslav Klymov about searching for a bank to expand NovaPay’s financial services direction, the Avangard story appears to fit into a broader trend. Large Ukrainian business groups are increasingly looking at banking assets as platforms for scaling payments, credit products, settlement services, and fintech offerings. If a deal involving Avangard goes through, it could become one of the clearest examples of how a banking licence in Ukraine is turning into a strategic corporate asset.
