BCB Group and Sutor Bank call off acquisition deal

Quick Take

  • BCB Group will no longer acquire the German financial institution Sutor Bank. 
  • Sutor Bank withdrew its agreement to sell its shares to BCB after careful consideration by both parties.

Digital asset trading firm BCB Group will no longer acquire the Hamburg-based financial institution Sutor Bank. 

After "careful analysis and consideration" by both parties, Sutor Bank withdrew its agreement to sell its shares to BCB Group, according to a emailed statement. BCB cited "recent banking market events and macroeconomic changes" and said it would focus more on its European strategy via an application for an e-money license in France and move to capture and service demand for USD payment rails. 

BCB Group first announced the plan acquire Sutor Bank in December of 2021. The terms of the deal weren't announced, but it would have provided a "significant capital injection," The Block previously reported.

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“Whilst we still believe in the team at Sutor and their innovative platforms, ultimately we recognize that in today’s market, unrecognizable compared to the 2021 market, we can each serve our clients on our own foundations more effectively than via the deal originally agreed," BCB Group’s founder and CEO Oliver von Landsberg-Sadie said in the statement.


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.

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