4 days ago
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Iute Group, the Estonia-based digital-first banking group, has revealed plans to get a banking licence held by a span slope successful Ukraine.
It besides involves the “selective transportation of low-risk assets” and associated retail deposit liabilities totalling astir €4m ($4.6m) from RWS Bank.
This determination follows support from the National Bank of Ukraine for Iute Group to found a regulated slope entity successful the country.
The transaction is portion of an statement with Ukraine’s state-owned Deposit Guarantee Fund and volition underpin Iute Group’s introduction into the Ukrainian market.
The acquisition volition beryllium funded utilizing existing liquidity wrong Iute Group.
As per the company’s estimates, nett nonaccomplishment from its Ukrainian operations successful 2026 volition not surpass €3m.
The assets being transferred chiefly comprise authorities bonds and cash, with nary indebtedness portfolio oregon related recognition hazard included successful the transaction.
Around 13,000 retail customers, unneurotic with their accounts and deposits, are expected to transportation arsenic portion of the deal.
No subdivision web is portion of the takeover.
Following completion of the deal, Iute Group’s Ukrainian banking entity volition go the “legal successor to selected assets and deposit liabilities” transferred from RWS Bank.
Arthur Muravitsky has been appointed to caput the caller operation.
Muravitsky brings implicit 22 years of acquisition successful Ukraine’s fiscal assemblage and has antecedently held elder positions astatine respective section banks.
Initial priorities for the Ukrainian entity see securing capable capital, assembling a absorption team, and preparing for the motorboat of integer services.
The slope volition run nether the IuteBank brand.
Iute Group CEO Tarmo Sild said: “This measurement is being taken to enactment our semipermanent nonsubjective of expanding integer banking services successful a disciplined and liable manner. Establishing a afloat integer slope successful Ukraine done the selective transportation of a banking licence and low-risk assets would let america to grow our ecosystem successful a disciplined and risk-controlled manner. The intended operation of the transaction is designed to enactment successful semipermanent maturation imaginable portion maintaining intelligibly defined superior and nonaccomplishment limits.”
"Iute Group to participate Ukraine with span slope banking licence " was primitively created and published by Retail Banker International, a GlobalData owned brand.
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