RVS Bank becomes Iute Bank as Estonian fintech Iute Group eyes acquisition

The Deposit Guarantee Fund (DGF) has established a transitional bank, Iute Bank PJSC, based on the insolvent RVS Bank, the fund’s press service announced on Wednesday.

"On December 24, 2025, the transitional bank Ute Bank received a banking licence to conduct operations in accordance with Ukrainian legislation," the DGF said in its statement.

The fund confirmed that the transitional bank will be prepared for sale to a private investor.

According to the website of the Antimonopoly Committee of Ukraine (AMCU), the regulator has received an application from Estonian fintech company Iute Group AS requesting a preliminary assessment on whether it needs approval to acquire control of Iute Bank PJSC.

Iute Group has not previously operated in Ukraine, but it is active in neighbouring Moldova, where it acquired Energbank in 2022.

As of November 1, 2025, RVS Bank ranked 53rd out of 60 solvent banks in Ukraine by total assets, totalling UAH 819.8 million, according to the National Bank of Ukraine (NBU).

On November 4, the NBU declared RVS Bank insolvent due to insufficient capital ratios and misreporting of its financial position.

• RVS Bank was originally established in 2015 on the basis of the bankrupt Omega Bank and was controlled by the UBG group, linked to former MP Ruslan Demchak. At the beginning of 2025, 99% of the shares were owned by Oleksandr Stetsiuk, with the remaining 1% held by Demchak’s daughter, Kateryna. The bank’s market share stood at 0.04%.
• According to financial statements, the bank recorded a loss of more than UAH 200 million in the first nine months of 2025. Its equity nearly halved, and assets fell sharply from UAH 4.51 billion to UAH 1.51 billion. The first signs of crisis emerged at the end of 2024, when the bank began rapidly losing both loan and deposit portfolios.