April 22, 2026
PRESS RELEASE
The Deposit Guarantee Fund (DGF) successfully finalized the sale of the failed PINbank (JSC "FIRST INVESTMENT BANK") to the international fintech company Zen.com. Thus, 100% of the bank's shares were sold to UAB ZEN.COM (Republic of Lithuania) for 175 million hryvnia. In this way, the Deposit Guarantee Fund successfully completed the resolution process for PINbank, which was classified as insolvent in February 2026.
“This transaction is a strong signal of confidence in Ukraine’s financial system and its future integration with European markets,” said Andrzej Duda, a member of UAB ZEN.COM’s supervisory board and former president of Poland. “The entry of an international fintech player brings not only capital, but also innovation and long-term commitment.”
Under the agreement, ZEN.COM is required to ensure the bank’s compliance with Ukrainian regulatory standards, including capital and liquidity requirements, within one month. This requirement must be confirmed by the results of an inspection that is conducted by the National Bank of Ukraine.
“The agreement with ZEN.COM demonstrates the effectiveness of our resolution framework and confirms the continued interest of international investors in Ukraine’s banking sector,” said Olga Bilai, Managing Director of the DGF. “We expect that the entry of a global player will contribute to increased competition and improved access to financial services for Ukrainian consumers.”
ZEN.COM said it plans to transform PINbank into a modern, technology-driven financial institution, combining traditional banking infrastructure with fintech capabilities.
“Ukraine is a strategically important market for us, with strong long-term growth potential. Our objective is to build a modern financial institution that delivers reliable, accessible and technology-driven services to both individuals and businesses,” said Michał Bogusławski, CEO Europe, ZEN.COM. “This acquisition is a natural step in executing our strategy of building a pan-European financial ecosystem. Expanding into high-growth markets such as Ukraine allows us to combine our technological capabilities with local market potential”.
UAB ZEN.COM was selected as the winning bidder in the open tender for its proposal of the least cost resolution plan for insolent PINbank.
Customer impact:
PINbank customers are not required to take any action following the change of ownership. All existing agreements remain valid, and the terms of deposits and loans – including interest rates, currency, and account details – will remain unchanged.
"When deciding on a resolution method, the DGF adheres to the principle of minimizing costs while prioritizing the interests of depositors. The agreement with ZEN.COM allowed us to protect clients' funds. It is critical that the bank continue operating and fulfill all its obligations to depositors and creditors. The terms of loan agreements also remain unchanged," said Viktoria Stepanets, the DGF's Deputy Managing Director.
Background:
On February 20, 2026, the Deposit Guarantee Fund introduced temporary administration at JSC “FIRST INVESTMENT BANK.” On March 31, 2026, the Fund completed an open tender to identify an investor or acquiring bank. Following a review of the submitted proposals, the DGF determined that the sale of the bank to an investor represented the most cost-efficient resolution option. The purchase agreement with UAB ZEN.COM was signed on April 17, 2026.