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.
“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.
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