Polish Fintech Zen Acquires PINbank, Ukrainian Asvio Bank Purchases Motor-Bank at Auction
Polish financial technology company Zen has successfully acquired the insolvent PINbank, while Ukrainian Asvio Bank has secured the purchase of assets and liabilities of Motor-Bank. These transactions were announced by the Deposit Guarantee Fund, concluding a lengthy sale process for both banks.
The Polish financial technology company Zen, which specializes in financial services, has emerged victorious in an auction for the insolvent PINbank. Concurrently, Ukrainian Asvio Bank has completed the acquisition of assets and liabilities from Motor-Bank. The Deposit Guarantee Fund announced these deals during a press briefing with journalists on Wednesday, emphasizing the significance of these transactions for the stability of the financial market.
This acquisition marks another testament to the ongoing activity of mergers and acquisitions within Ukraine's banking sector, despite the ongoing war that makes Ukrainian financial institutions attractive assets for foreign investors. The Fund highlighted the importance of these acquisitions in bolstering the financial market's stability, showcasing a resilience that continues to attract international interest.
Zen's acquisition of PINbank involves the purchase of the entire institution, while Asvio Bank has obtained the assets and liabilities of Motor-Bank through a purchase and acceptance agreement. The acquisition of PINbank is contingent upon approval from the National Bank of Ukraine (NBU) and the Antimonopoly Committee of Ukraine (AMCU) by April 15. The deal will be finalized following the green light from both regulatory bodies. The Fund had previously declared both banks insolvent on February 19, citing a lack of capital and prolonged losses as contributing factors.
Founded in 2018 in Rzeszów by entrepreneur Dawid Rożek, Zen is headquartered in London and holds a license from the Bank of Lithuania. This fintech company operates across 35 European countries as a multi-currency payment platform. Zen has prior experience in the Ukrainian market, having previously collaborated with PrivatBank, which enabled money transfers from 31 countries worldwide.
Former Polish President Andrzej Duda, who left office in August 2025, is a member of Zen's supervisory board. He stated that he took on this role to support the company's international expansion and regulatory oversight, as reported to the Polish publication Puls Biznesu. Zen's entry into the Ukrainian banking market follows a trend set in December of last year when the Estonian financial group iute acquired the insolvent RwS Bank.
The successful acquisition of PINbank and Motor-Bank is expected to have a significant impact on the Ukrainian banking landscape. As foreign investors like Zen and Asvio Bank continue to engage in the market, it raises questions about the future of local banks and their ability to compete in an increasingly globalized financial environment. The Deposit Guarantee Fund's efforts to facilitate these transactions reflect a strategic approach to stabilize the banking sector during challenging times.
Industry experts believe that these acquisitions could pave the way for further investments in Ukraine, potentially leading to a revitalization of the financial sector. As the country navigates through the complexities of war and economic challenges, the influx of foreign capital could provide much-needed support to bolster the banking infrastructure and restore confidence among consumers and investors alike.
In conclusion, the acquisition of PINbank by Zen and the purchase of Motor-Bank by Asvio Bank represent significant milestones in the ongoing evolution of Ukraine's banking sector. These transactions not only highlight the resilience of the market but also underscore the growing interest from international players seeking to capitalize on opportunities within the region.