Estonian financial group Iute Group AS has signed an agreement to acquire a bank in Ukraine that was established on the basis of the assets of the insolvent RVS Bank. According to the Deposit Guarantee Fund of Individuals (DGF), on January 15 the fund sold 100% of the shares of PJSC “Bridge Bank UTE Bank” to the Estonian investor. The transaction completes the resolution of RVS Bank with the involvement of foreign capital.
Iute Group was selected as the winner of the DGF’s tender for the resolution of RVS Bank. Its proposal was chosen from three bids submitted by banks and potential investors as the one that met the “least cost” principle for the fund. The transaction envisaged the creation of a bridge bank, obtaining a banking license, the transfer of RVS Bank’s assets and liabilities, and the subsequent sale to the investor within a short timeframe. At the moment of the asset transfer, the bank’s balance sheet amounted to UAH 199 million.
Iute Group CEO Tarmo Sild said that entering the Ukrainian market aligns with the company’s strategy to develop digital banking and expand its geographic footprint. According to him, the decision to invest in Ukraine is based on confidence in the country’s future and its integration into the European economic space. He also noted that Ukraine could become one of the leaders of economic growth over the next five years.
Following recapitalization and alignment of operations with the requirements of the National Bank of Ukraine (NBU), UTE Bank will operate as a fully digital retail bank. It will provide customers with basic banking services, including deposits, loans, payments, foreign exchange operations, and cash management services. The bank will be headed by Artur Muravytskyi, a banker with 22 years of experience in the financial sector, who previously served as Deputy CEO and Management Board member at Tascombank.
Iute Group is an Estonian fintech group founded in 2008 in Tallinn by Tarmo Sild and Allar Niinepuu. The company specializes in consumer lending, microloans, installment financing, payment services, insurance, and digital banking. As of the end of September 2025, the group’s assets totaled €486.6 million, including €336.6 million in issued loans. The loan portfolio reached €406.9 million, net profit for the first nine months of 2025 amounted to €8.5 million, and the number of active customers exceeded 265,000.
The group operates in four countries: Moldova, its largest market accounting for 53% of assets; Albania with a 28% share; North Macedonia with 14.5%; and Bulgaria with 4%. Iute Group’s business model is based on raising funding through bond issues on the Frankfurt Stock Exchange at annual yields of 10–11% and subsequently providing high-yield consumer loans.
At the end of December, the Deposit Guarantee Fund announced the creation of a bridge bank on the basis of RVS Bank as part of the resolution process of the insolvent institution. Until the investor receives approval from the National Bank of Ukraine to acquire a qualifying holding, the bank remained temporarily owned by the fund. On January 1, 2026, the NBU received a set of documents from Iute Group AS for approval of the transaction, which are currently under review by the regulator’s relevant department.
