A new branchless bank has launched in Ukraine

A new digital bank with no physical branches, called “Yute Bank,” has launched in Ukraine. It was established on the basis of the insolvent “RVS Bank.”

This wasreported by RBC-Ukraine, citing the press service of the Deposit Guarantee Fund for Individuals.

“Yute Bank” was established by the Deposit Guarantee Fund as a bridge institution based on the insolvent JSC “RVS Bank.”

The National Bank of Ukraine has confirmed that the institution meets all capital and liquidity requirements, and as a result, the Fund is terminating the services of its administrator at the bank.

Interestingly, this is the first case in Ukraine where a transitional bank has been established with the participation of a foreign investor, and the third example of bank resolution during a full-scale war. The institution’s entry into the market was made possible through cooperation between government agencies, the Fund, and international partners.

It is noted that “Yute Bank” will operate as a digital institution focused primarily on individuals. Customers will be offered basic banking services, including deposits, loans, payments, settlement transactions, and foreign exchange transactions.

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