Polish fintech took over the bank of a Russian oligarch. Andrzej Duda spoke

A Polish fintech registered in Lithuania has finalized the acquisition of Ukrainian First Investment Bank, known as PINbank. Zen.com takes over PINbank for 175 million hryvnia, or approximately $3.9 million. The institution previously belonged to the Russian oligarch Yevgeny Giner, and then was confiscated and nationalized by the Ukrainian state.

Details of the transaction were announced on April 22 during a press conference in Kiev. The meeting was attended by representatives of the Deposit Guarantee Fund of Ukraine and Zen.com. The project was also supported by Andrzej Duda, President of Poland in 2015–2025, who sits on the fintech’s supervisory board.

Zen.com takes over PINbank. The bank belonged to a Russian oligarch

PINbank came under state management in 2023. This happened after the decision of the High Anti-Corruption Court of Ukraine, which confiscated shares belonging to Yevgeny Giner, who was subject to sanctions.

In February 2026, the bank was declared insolvent. This paved the way for its sale by tender. Finally, 100 percent shares were bought by Zen.com.

Zen.com takes over PINbank. Andrzej Duda comments on the transaction

Andrzej Duda said that the agreement is a strong signal of trust in the Ukrainian financial system and its future integration with the European market.

The former president emphasized that the entry of an international player from the fintech sector means not only an inflow of capital, but also innovation and long-term investments.

Zen.com takes over PINbank and announces transformation

Zen.com plans to fundamentally change the profile of the acquired institution. The goal is to transform a traditional bank into a modern technological entity operating in the digital-first lender model.

The president of Zen.com in Europe, Michał Bogusławski, announced the construction of a modern financial institution that will offer reliable, accessible and technology-based services for individual clients and companies.

Zen.com takes over PINbank. Ukraine attracts investors

The takeover of PINbank is the second foreign investment in the Ukrainian banking sector this year, after the Estonian Iute group. Despite the ongoing war, the industry remains profitable.

According to data from the National Bank of Ukraine, in 2025, 60 banks operating in the country generated a total profit of nearly $3 billion. The transaction is also part of Ukraine’s strategy of taking over the assets of Russian businessmen linked to the Kremlin and transferring them to stable, Western investors.