Nova Group’s Strategic Vision
The Nova Group of Companies is in advanced negotiations to purchase a bank, aiming to establish Ukraine’s first Financial Inclusion Bank (FIB). Sources suggest the target is BTA Bank, with the deal potentially closing by the end of the summer. Under a law passed by Ukraine’s parliament in June 2025, an FIB is prohibited from lending to large enterprises with annual revenues exceeding 5 million euros. Additionally, such banks cannot buy securities, except for domestic government bonds (OVDP) and National Bank of Ukraine deposit certificates. Nova Group plans to first acquire a fully licensed bank, surrender its existing license, and then secure a new FIB license.
Asset Status and Potential Risks
As of May 1, 2026, BTA Bank held assets worth 294.9 million hryvnias and capital of 204.3 million hryvnias. Only 640 Ukrainians have accounts there, and the bank operates a single branch in Kyiv near the Nyvky metro station. Notably, BTA Bank is a subsidiary of a Kazakh company owned by businessman Kenes Rakishev. In the summer of 2025, Ukraine’s National Bank fined Nova Group’s subsidiary, NovaPay, 90.7 million hryvnias for financial monitoring violations. The Kazakh group Kaspi had also shown interest in BTA Bank, with a deal expected to close in 2022, but after the onset of the full-scale war, Kaspi paused its entry into the Ukrainian market.
According to one source speaking with Ekonomichna Pravda, ‘they will simply tear the system apart in terms of gray money.’
Consequently, Nova Group’s plans to create an FIB could significantly reshape Ukraine’s financial services landscape. This initiative represents a major step toward broadening access to financial services for the general public, especially small businesses and low-income individuals. If the BTA Bank acquisition goes through, it may unlock new opportunities for the country’s financial system, particularly in enhancing transparency and boosting trust in the banking sector.
As Nova Group moves forward with its plans to establish Ukraine's first Financial Inclusion Bank, understanding the regulatory framework is crucial. Recently, the National Bank of Ukraine has finalized the guidelines for the Financial Inclusion Law, which will play a significant role in shaping the operational landscape for such institutions. For more insights on these regulations and their implications for the banking sector, see our detailed coverage on the finalized rules.