BCB Group Aquires 100-Year-Old German Bank to Expand in Europe

On 15th December, BCB Group, announced that it has acquired Sutor Bank to expand the company’s presence in Europe. BCB Group is a crypto-dedicated payments services provider and a leading provider of business accounts and trading services for the digital asset economy.

BCB Group Aquires 100-Year-Old German Bank to Expand in Europe
BCB Group

On 15th December, BCB Group, announced that it has acquired Sutor Bank to expand the company’s presence in Europe. BCB Group is a crypto-dedicated payments services provider and a leading provider of business accounts and trading services for the digital asset economy.

The transacton details of the acquisition deal were not disclosed by the company. The approval of the deal is currently pending from the German regulator, BaFin, and BCB announced that they are expecting the deal to get approval from BaFin by the end of February.

Addition of a fully licensed bank to its portfolio will enable BCB Group to better service its clients in the EU and drive growth across its business lines.

Oliver von Landsberg-Sadie, founder and CEO of BCB Group, said the combination of BCB Group and Sutor Bank created a powerful opportunity to give crypto industry clients the best possible product range and service in the EU. “Sutor Bank has long been a visionary in this space and we are thrilled to be able to take our combined product offerings to the next level,” he further added.

Mike Hofer, Chief Banking Officer of BCB Group, said: “Adding Sutor Bank to the family of BCB Group will allow us to provide more innovative services to the digital assets economy than ever before. I am thrilled to see many constraints that naturally come with reliance on third parties fall away, and experience the ability to pursue many more opportunities than traditionally possible without a banking licence.”

Mr von Landsberg-Sadie further added that BCB Group acquired its authorised payments institution licence in 2019. The payments have now become the focal point of company’s operation. He further said that the company is looking to tap the potential of providing basic banking for the crypto industry.

“Up to this point, the number of banks whose sole purpose is to be a specialised service in the banking industry has been a tiny number – there are a handful of banks that are crypto friendly, but not wholly servicing the crypto industry. There is no crypto-friendly UK bank – not for the industry. This is the first time,” Mr von Landsberg-Sadie said.