Ukraine sells bank seized from Russian billionaire to Duda-backed investor

A Polish fintech firm whose supervisory board includes former president Andrzej Duda has acquired a Ukrainian bank previously seized from a sanctioned Russian businessman.

The financial technology company ZEN.com purchased 100% of First Investment Bank, known as PINbank, for 175 million Ukrainian hryvnias (around €3.6 million), which had been previously controlled by Russian businessman Yevgeny Giner. The deal was announced by Ukraine’s Deposit Guarantee Fund, as Polish media reports. 

Giner, a Russian national born in the Ukrainian city of Kharkiv, built his wealth in the 1990s across sectors such as energy and trade before becoming head of CSKA Moscow, one of Russia’s most prominent football clubs.

His stake in the bank was confiscated in 2023 by Ukraine’s High Anti-Corruption Court as part of asset seizures following the outbreak of Russia’s war on Ukraine. PINbank was subsequently declared insolvent, placed under temporary administration, and sold through a state-led resolution process.

Speaking at a press conference in Kyiv on April 22, Duda said: “This deal is a strong signal of confidence in Ukraine’s financial system and in its future integration with the European market.

"The arrival of an international fintech player means not only capital inflows, but also innovation and long-term investment.”

Duda, who was succeeded in 2025 by Karol Nawrocki, has since moved into the private sector. He also joined the US-based Heritage Foundation, a conservative think-tank closely associated with the current administration, as a visiting fellow.

Founded in Rzeszów, ZEN.com operates in more than 30 markets across Europe and Asia and plans to invest over €20 million to transform PINbank into a digital lender focused on cross-border payments and multi-currency services.

Ukraine’s Deposit Guarantee Fund said the deal demonstrates both the effectiveness of its bank resolution framework and continued foreign investor interest in the sector.

It marks the second foreign entry into Ukraine’s banking market this year, following Estonia’s Iute Group. Existing customer contracts will remain unchanged.

By Nazrin Sadigova