NovaPay Invest to Buy 100% Stake in BTA Bank

Ukrainian logistics company Nova, through its investment arm NovaPay Invest, has announced plans to acquire full ownership of BTA Bank, a Ukrainian subsidiary of a Kazakh bank. This strategic move was officially communicated to the National Securities and Stock Market Commission on October 23 via NovaPay Invest's official disclosures.

The company has also submitted an application to the National Bank of Ukraine, with regulatory approval currently pending. This acquisition will be the latest in a series of mergers and acquisitions in the Ukrainian banking sector for the year 2026, solidifying Nova's presence in the financial services industry beyond its existing non-bank entity NovaPay.

Prior to this acquisition, Nova had previously pursued the banking sector through bids for Idea Bank and Bank Lviv, both of which were unsuccessful. The primary motivation behind this endeavor was to expand Nova's financial services portfolio. Co-owner Viacheslav Klymov revealed in a March Forbes Ukraine interview that the acquisition would serve as a foundation for creating a financial inclusion bank, a move aimed at providing banking services to individuals and small businesses while accepting retail deposits.

Interestingly, another group of investors, Viacheslav Mishalov and Dmytro Shevchuk, had also shown interest in purchasing BTA Bank. However, the National Bank of Ukraine (NBU) officials reportedly considered NovaPay Invest's application as more robust. BTA Bank, with total assets of Hr. 370.5 million and equity capital of Hr. 210.7 million, currently holds the 58th position among Ukrainian banks. The bank's net profit for the reporting period was Hr. 623,000, approximately $14,770, according to NBU's 2025 data.

BTA Bank's ownership history is worth noting. In 2021, it was acquired by Kazakhstan's Kaspi, which operates a super-app widely used for e-commerce, state and private services, maps, and online payments. Initially, Kaspi aimed to enter Ukraine's market and was in talks to acquire the local e-commerce platform to compete with the country's largest retailer, Rozetka. However, the full-scale Russian invasion in Ukraine disrupted these plans, leading Kaspi to abandon its expansion into Ukraine.