The Deposit Guarantee Fund has concluded an agreement to sell 100% of the shares of PJSC Transitional Bank UTE Bank to the Estonian banking group Iute Group AS.
This is stated in the message of the DGF, the Ukrainian News agency reports.
Thus, the Fund has successfully completed the procedure for establishing a transitional bank on the basis of insolvent RwS Bank JSC with the involvement of a foreign investor.
Iute Group won the tender for the withdrawal of RVS Bank from the market. Among the three worthy proposals from banks and potential investors, the Fund chose the one that meets the principle of the lowest cost.
Tarmo Sild, CEO of Iute Group, noted that this transaction is in line with the company's strategic direction to create a digital bank, where geographical expansion is part of the evolution. The decision to enter the Ukrainian market is based on confidence in the country's future and its integration into the European economic space.
After recapitalization and adaptation of the bank to the requirements of the NBU, the fully digital UTE Bank will provide basic banking services for retail clients - deposits, loans, payments, foreign exchange transactions, as well as cash and settlement services.
UTE Bank will be headed by Artur Muravytskyi, a banking executive with 22 years of experience in the financial sector.
The resolution of the insolvent RwS Bank is the 12th case successfully implemented by the Deposit Guarantee Fund and the third since the beginning of the full-scale invasion. The DGF has already used all the tools defined by EU directives: transfer of assets and liabilities (business sale), establishment of a bridge bank and sale of the bank as a whole. One of the key areas of the DGF's strategy is resolution rather than liquidation, which is always better for depositors, creditors and the banking system as a whole.
As the Ukrainian News agency earlier reported, the Deposit Guarantee Fund is withdrawing RwS Bank from the market, which was declared insolvent by the National Bank of Ukraine on November 4, 2025.
Iute Group is a network of digital banks specializing in everyday financial services in Southeast Europe. Founded in 2008 and headquartered in Estonia, Iute serves customers in Albania, Bulgaria, Moldova and North Macedonia.
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