January 15, 2026
PRESS RELEASE
The Deposit Guarantee Fund (DGF) has concluded an agreement to sell 100% of the shares of the bridge bank 'Iute Bank' to Iute Group, a banking group headquartered in Estonia. The DGF has therefore successfully completed the process of establishing a bridge bank based on the insolvent JSC “RwS Bank”, with the participation of a foreign investor.
Iute Group won the competitive tender to resolve the failed “RwS BANK”. Of the three proposals received from banks and potential investors, the DGF selected the one that best met the least cost principle.
“The agreement with Iute Group involved establishing a bridge bank, obtaining the license, transferring assets and liabilities, and subsequently selling it to a foreign investor within an extremely short timeframe. This was made possible through productive cooperation with the National Bank of Ukraine, the Antimonopoly Committee of Ukraine, the National Depository of Ukraine, and the National Securities and Stock Market Commission. It is also the result of DGF’s extensive experience, which is focused on the best international practices," says Olga Bilai, the DGF Managing Director.
Tarmo Sild, CEO of Iute Group, pointed out that this transaction is in line with the company's strategic direction to build a digital bank, where geographical expansion of the business is part of the evolution. The decision to enter the Ukrainian market reflects 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 turned the country into the most digital financial market. I see Ukraine as a forefront of growth for the next five years, thanks to the courage of this nation,” he stated.
Following recapitalization and alignment with the regulatory requirements of the National Bank of Ukraine, the fully digital Iute Bank will provide essential banking services for retail clients — deposits, loans, payments, foreign currency transactions, as well cash and settlement services.
Iute Bank will be headed by Artur Muravitsky, a banking executive with 22 years' experience in the financial sector. “From start to finish, this process was supported by the Deposit Guarantee Fund and the National Bank of Ukraine. Their cooperation was crucial for the project's progress,” he commented.
The resolution of the failed “RwS Bank” is the twelfth case successfully implemented by the DGF, and the third since the full-scale invasion began. The DGF has used all resolution tools specified in EU directives, including the transfer of assets and liabilities (sale of business), the creation of a bridge institution and the sale of a bank. The DGF strategy is to focus on resolution rather than mere liquidation, as this is always better for depositors, creditors and the banking system.
“The banking sector's interest in “RwS BANK”, its readiness to expand business, eagerness to increase customer base, and its competitiveness all point to the healthy state of Ukraine's banking system. This case demonstrates that clarity and transparency of the DGF operations benefit both domestic and foreign investors. Our task is to continue implementing international standards in the national deposit guarantee system," emphasized Olga Bilai.
As a reminder, JSC “RwS BANK” was declared insolvent by the National Bank of Ukraine on November 4, 2025, the DGF started its resolution on November 5, 2025.
For reference: Iute Group is a digital banking group focused on everyday financial services in Southeast Europe. Established in 2008 and headquartered in Estonia, Iute serves customers in Albania, Bulgaria, Moldova and North Macedonia.
Iute Group and its subsidiaries have supported Ukraine since the start of the war, including monetary donations, and considers the entry into Ukraine a long-term European investment.
Photos from the press briefing