SUTOR BANK JOINS BCB GROUP
London, Hamburg 15 December 2021 – BCB Group, Europe’s leading provider of business accounts and trading services for the digital asset economy, is delighted to announce today that Max Heinr. Sutor oHG (Sutor Bank) is joining the group. Adding a fully licensed bank to the group will enable BCB Group to better service its clients in the EU and drive growth across its business lines.
As with all change of control events in regulated institutions, regulatory approval from BaFin, the German Federal Financial Supervisory Authority, is required, and as such BCB Group will be taking the time necessary to fully satisfy all regulatory requirements. We are looking forward to working with regulators as we embark on this exciting journey.
With a dedicated focus on an institutional customer base, BCB Group provides business accounts and market liquidity for some of the world’s largest financial institutions operating in the digital asset economy. BCB Group is the only multi-regulated institution of its kind to offer clients a complete end-to-end suite of payment processing, digital asset 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.
Hamburg-based Sutor Bank is an independent diversified bank founded in 1921, and one of the very few banks in Germany deeply integrating with Fintechs in the digital asset space. The bank runs a comprehensive banking-as-a-service platform that makes the institute one of the most attractive partners for the Fintech space in the EU. Furthermore, Sutor Bank has an award-winning wealth management team and supports independent financial advisors with a complete portfolio of products such as savings plans, public subsidised retirement plans or gold savings plans.
Oliver von Landsberg-Sadie, Founder and CEO of BCB Group, commented: “The combination of BCB Group and Sutor Bank powerfully positions us to give our 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. We are also excited to add Hamburg to our global footprint as one of the most progressive cities in the world.”
Mike Hofer, Chief Banking Officer of BCB Group, added: “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.”
Robert Freitag, Managing Partner of Sutor Bank, added: “We are pleased to now be a member of BCB Group, which allows us to continue our growth-oriented fintech and crypto strategy.” Thomas Meier, also Managing Partner, emphasised: “When choosing a strategic partner for our future, it was important to us to find someone who not only respects the 100-year history of our bank, but who will also support the bank growing as a whole within the group.”
Notes to editors
About BCB Group
BCB Group is Europe’s leading crypto-dedicated payment services provider, serving some of the industry’s largest clients including Bitstamp, Coinbase, Galaxy, Gemini, Huobi and Kraken. BCB Group provides payment services in 20+ currencies, FX, cryptocurrency liquidity and digital asset custody.
Responding to institutional demand for operational best practice 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 executive team have worked for Barclays, Credit Suisse, Deutsche Bank, Investec, Lloyds Commercial Bank, Norton Rose Fulbright, FIS and Sun Life of Canada.
BCB’s mission is to connect and bank the global crypto industry.
About Sutor Bank
Hamburg-based Sutor Bank, founded in 1921, is now an established player among Germany’s partner banks for Next Finance business models. As a private bank with around 120 employees, it pursues a partnership-based approach that focuses on mutual success. For fintechs and digital founders, the Sutor Banking platform bundles both standard and individual solutions for accounts and payments, loans, and securities and crypto trading. In addition, Sutor Bank offers asset management and advice with its private banking, it manages numerous foundations and cooperates in B2B business with financial service providers and investment companies.
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.