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.
The group currently provides business accounts, payment services and crypto trading for some of the industry’s biggest players, including Bitstamp, Coinbase, Galaxy and Kraken.
„In order to offer more clients world class service as a banking partner, and to sustain our growth trajectory, we need a bank in the group that is digitally innovative, that is highly reliable in the execution of regulated processes, and which offers more direct access to important payment rails,” said Oliver
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