BCB Group, Europe's cryptocurrency provider of payments, has acquired a 100-year-old German bank Sutor Bank. The company said in a blog post that 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." The price of the deal remains unknown.
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"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," said Oliver von Landsberg-Sadie, Founder and CEO of BCB Group.
With the acquisition, BVB wants to get all the regulatory approvals from BaFin, the German Federal Financial Supervisory Authority.
Founded in 1921, the Hamburg-based bank is an independent diversified financial institution, which integrated fintechs in the cryptocurrency 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.
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