The Block: BCB Group Swoops for Germany’s Sutor Bank
The Block covers BCB Group’s acquisition of Sutor Bank.
BCB Group is set to take over Hamberg-based Sutor Bank, in a move that will give the crypto payments provider banking capabilities.
The group did not disclose terms of the deal but said it would include a “significant capital injection” to take over 100% of the bank after BaFin — Germany’s financial regulator — has given its approval.
Sutor, which is a private bank, will become part of the international BCB Group, which already includes regulated companies in Switzerland and the United Kingdom.