BCB Group and Sutor Bank Sever Acquisition Agreement

Due to changes in the market, crypto payments provider BCB Group and 100-year-old Sutor Bank have agreed to end their deal to buy each other.

In December 2021, BCB Group stated that it had reached an agreement to buy Sutor Bank so that it could add a full-service bank to its product line.

Oliver von Landsberg is the founder and CEO of the BCB Group.-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.”

He says that BCB plans to put more attention on its European strategy by applying for an e-money license in France and taking steps to meet the demand for USD payment lines.