March 16, 2026
PRESS RELEASE
'IUTE BANK', which was established by the Deposit Guarantee Fund as a bridge bank based on the assets of failed JSC 'RwS BANK', has changed its status and is entering the Ukrainian banking market. Rather than liquidating the bank, the DGF has successfully implemented a resolution method that preserves a viable part of the business and transfers it to an investor.
The National Bank of Ukraine has confirmed that the bank meets all regulatory requirements. Accordingly, the DGF is terminating the work of its curator in “IUTE BANK”.
'This case exemplifies that bank resolution is principally a mechanism for preserving a business and enabling its continuation. The Fund has established a new bank to continue operating in the Ukrainian market. This is the result of the DGF’s systematic work and its implementation of modern approaches to resolving failed banks. The resolution cases implemented by the DGF align with EU directives, which we are gradually integrating into Ukraine’s legislation,’ said Olga Bilai, Managing Director of the Deposit Guarantee Fund.
According to Olga Bilai, this is the first case in Ukraine where a bridge bank has been established with the involvement of a foreign investor, and the third bank resolution case to be implemented during the war. The new bank's entry into the market was made possible through collaboration between the Deposit Guarantee Fund, Ukraine public agencies, and international businesses, showcasing investor confidence in Ukraine's financial system, even amidst challenging contexts.
It should be noted that on 15 January, 100% of the DGF-created 'Bridge Bank "Iute Bank"' shares were sold to the Estonian financial group Iute Group AS, after they won the open tender to resolve JSC 'RwS Bank'. Among several offers, the proposal that ensured the least cost was selected by the DGF.
Tarmo Sild, CEO of Iute Group, emphasised that building a digital bank in Ukraine was a strategic decision for Iute. 'Successfully passing the inspection of the National Bank of Ukraine, completing the bridge bank process and entering the market as a fully operational bank marks an important milestone for IuteBank in Ukraine. Our focus now is on building a digital bank that provides everyday financial services for customers in Ukraine.'
'IUTE BANK' will operate as a digital bank primarily focused on retail customers. It will offer core banking services, including deposits, loans, payments, foreign exchange transactions.
'The completion of the transition period allows IuteBank to start operating as a regular market participant. We appreciate the cooperation with the Deposit Guarantee Fund and the National Bank of Ukraine throughout this process. Our immediate priority is to restore banking services for customers. In the next stage, we will introduce the digital financial solutions for our bank customers,' said Artur Muravytskyi, Head of 'IUTE BANK'.
The establishment and development of 'IUTE BANK' is an example of the effective use of the 'bridge bank' tool, which is widely used globally. This approach helps to protect the economic value of assets and the client base, maintain confidence in the banking system, and ensure the continuity of banking services.
Maintaining the stability of Ukraine's banking system is the goal of the Deposit Guarantee Fund's ongoing strategy of effective bank resolution.