The Deposit Guarantee Fund of Ukraine has finalized the sale of the insolvent First Investment Bank (PINbank) to the Lithuanian fintech firm ZEN.com. The transaction, valued at 175 million UAH, involved the transfer of 100% of the bank’s shares to the new owner.
Key Details:
- PINbank was sold for 175 million UAH.
- New owner: fintech company ZEN.com.
- All shares of the bank have been transferred to the investor.
- The deal is recognized as the least costly resolution option for the state.
- Bank clients will continue to receive services without changes.
Andriy Pyshny, the head of the Deposit Guarantee Fund, noted on Facebook that the entry of a new international investor into the Ukrainian banking sector sends a strong message to global capital, affirming Ukraine’s openness to investment and the resilience of its financial sector, even amid ongoing conflict.
Olha Bilai, the acting director of the Deposit Guarantee Fund, emphasized that this agreement demonstrates the effectiveness of the Fund’s resolution mechanisms and the attractiveness of the domestic banking market for foreign investors.
ZEN.com intends to transform PINbank into a modern, high-tech financial institution that will integrate traditional banking infrastructure with fintech capabilities.
Michał Bogusławski, CEO of ZEN.com in Europe, described Ukraine as a strategically significant market with substantial long-term growth potential, expressing the company’s plan to establish a financial institution focused on technological solutions for individuals and businesses.
The open competition for an investor concluded on March 31, with the purchase agreement signed on April 17.
The agreement with UAB ZEN.com was selected as the most cost-effective resolution scenario for the bank. The new owner is required to align the bank’s operations with capital and liquidity regulations within a month, after which the National Bank of Ukraine (NBU) will conduct an inspection.
Clients of PINbank will not need to re-sign contracts due to the change of ownership; existing agreements will remain in effect under the same terms, including duration, currency, interest rates, and account details for both deposit and loan agreements.
It is worth noting that on February 19, the NBU declared both Motor Bank and First Investment Bank (PINbank) insolvent, leading the Deposit Guarantee Fund to implement temporary administration.
As of that time, 88.89% of PINbank’s shares were owned by the state through the Ministry of Communities and Territories Development. Oleg Kolesnyk held 7.45%, while Nelya Kostenko owned 1.25%, with three other individuals holding less than 1% each.
The previous owner of the 88.89% stake in PINbank was Russian billionaire and president of the Moscow football club CSKA, Yevgeny Giner. The High Anti-Corruption Court confiscated these shares in favor of the state in February 2023, and they were transferred to the State Property Fund in January 2024.
The sale of First Investment Bank to ZEN.com marks a significant move in Ukraine's banking sector, highlighting the country's investment potential despite ongoing challenges. Clients will continue to receive uninterrupted services as the bank transitions to new ownership.