Regarding Revolut’s official statement about its entry into the Ukrainian banking market, and based on an analysis of Revolut’s business providing services to Ukraine’s residents through Revolut Bank UAB, the National Bank of Ukraine hereby declares as follows.
Revolut Bank UAB is a Lithuanian-based foreign bank that provides financial services under a license that allows it to operate in European Union countries.
According to the Law of Ukraine On Banks and Banking, the only permissible forms of doing banking business in Ukraine are by establishing a foreign bank’s branch or by obtaining a Ukrainian-issued banking license. Either of these options requires the NBU’s permission. When considering an application to open a branch or obtain a license, the NBU conducts a comprehensive assessment of the founder’s business reputation, financial standing, and proposed business model.
Issues related to the launch of operations by a foreign player in the Ukrainian banking market are also subject to consultations with the banking supervision authority of the country where such a player is based.
To date, Revolut Bank UAB has not received any licenses or permits from the National Bank of Ukraine, has not submitted relevant applications, and is not undergoing the business licensing procedure.
We support open competition and the development of financial technologies, but we also deem it necessary to stress that all market participants must meet legislative and regulatory requirements.
The National Bank of Ukraine is also bringing it to the Ukrainian people’s attention that Ukrainian legislation on consumer protection in financial services and on the deposit guarantee system does not apply to Revolut customers.
Given the considerations outlined above and using its lawful powers, the National Bank of Ukraine emphasizes that it will act within its statutory prudential mandate, take every measure necessary to ensure the stability of the Ukrainian banking system, respond to violations of the law, and protect the interests of bank depositors and customers.