BCB Group and Sutor Bank exit acquisition deal
London, 14th June 2023 – BCB Group, leading provider of business accounts and trading services for the digital asset economy, announced today that the deal for BCB to acquire Sutor Bank has ended. Careful analysis and consideration by both parties has culminated in the withdrawal of Sutor Bank’s agreement to sell its shares to BCB Group.
In December 2021, BCB Group announced the agreement to acquire Sutor Bank to vertically integrate a full serviced bank offering into the product suite. Following recent banking market events and macroeconomic changes, this marks an evolution whereby BCB Group can focus more on its European strategy via its application for an e-money licence in France, and on its move to capture and service the demand for USD payment rails.
BCB Group’s Founder and CEO, Oliver von Landsberg-Sadie comments: “Whilst we still believe in the team at Sutor and their innovative platforms, ultimately we recognise that in today’s market, unrecognisable compared to the 2021 market, we can each serve our clients on our own foundations more effectively than via the deal originally agreed. In the near term, BCB provides a more resilient service as a network of independent banks.”
BCB Group is lining up a number of partnerships to provide resilience by distributing the risk across multiple depositories, in line with what the market requires. There is also renewed focus from depositors on the safety of funds in financial institutions, as well as attention from regulators on the financial health of banks and the broader banking industry in various jurisdictions, including Germany. This has all seen a shift in the near term balance between fintechs and ‘fully licensed’ banks. By safeguarding customer funds with carefully chosen banking partners BCB Group can better protect its customers with its UK API and imminent European licences, which are currently in the pipeline.
With a dedicated focus on institutional payment services, BCB Group provides business accounts, cryptocurrency and foreign exchange market liquidity for some of the world’s largest crypto-engaged financial institutions. BCB Group is the only multi-regulated institution of its kind to offer clients a complete end-to-end suite of payment processing, cryptocurrency trading and custody services accessible through a unified API-enabled platform, allowing clients to access a complete range of digital asset services in one place.
ENDS
Media Contacts
Sam Shrager
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About BCB Group
BCB Group is a leading crypto-dedicated payment services provider, serving many of the industry’s largest clients including Bitstamp, Crypto.com, Fireblocks, Galaxy, Gemini, Huobi and Kraken. BCB Group provides payment services in over 30 currencies, FX, cryptocurrency liquidity, digital asset custody and BLINC, which is BCB’s free, instant settlements network for the BCB client ecosystem.
Responding to corporate and institutional demand for essential and excellent infrastructure in digital asset markets, BCB Group was created by established thought leaders in finance, regulation and technology. Founded in the UK and developed to encompass key relationships across global financial services communities, BCB Group is well positioned as one of the first multi-jurisdictional regulated cryptocurrency service firms. BCB Group’s leadership executive team have worked for Barclays, Paysafe, Bitstamp, Coinbase, Credit Suisse, Deutsche Bank, FIS, Goldman Sachs, JP Morgan, Investec, Lloyds Commercial Bank, Luno, Norton Rose Fulbright, FIS and Sun Life of Canada.
BCB’s mission is to connect and bank the global crypto industry.
https://bcbgroup.com
Disclaimer
The information contained in this press release is intended for use and publication by journalists and should not be relied upon by private investors or any other persons to make financial decisions. Furthermore, the material contained herein is for informational purposes only and should not be construed as an offer, solicitation of an offer, or an inducement to buy or sell cryptocurrencies or any equivalents either generally or in any jurisdiction where the offer or sale is not permitted. All of the views expressed about the markets, cryptocurrencies and stakeholders in this press comment accurately reflect the personal views of BCB Group. While opinions stated are honestly held, they are not guarantees and should not be relied on. The information or opinions provided should not be taken as specific advice on the merits of any investment decision. This press release may contain statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, new legislation and regulatory actions, competitive and general economic factors and conditions and the occurrence of unexpected events. Past performance in other related cryptocurrencies is not a viable indication of future performance with actual results possibly differing materially from those stated herein. Investments in cryptocurrencies are not currently regulated by the Financial Conduct Authority. Your capital is at risk when investing in cryptocurrencies.
