BCB Group – a leading provider of business accounts and trading services for the digital asset economy – has today announced that Sutor Bank is joining the group.
Adding a fully licensed bank to the line-up, say its bosses, will enable BCB Group to better service its clients in the EU and drive growth across its business lines.
As with all change of control events in regulated institutions, regulatory approval from BaFin, the German Federal Financial Supervisory Authority, is required and, as such, BCB Group will be taking the time necessary to fully satisfy all regulatory requirements.
With a focus on an institutional customer base, BCB Group provides business accounts and market liquidity for some of the world’s largest financial institutions operating in the digital asset economy. BCB Group is the only multi-regulated institution of its kind to offer clients a complete end-to-end suite of payment processing, digital asset trading and custody services accessible through a unified API-enabled platform, allowing clients to access a complete range of digital asset services in one place.
Hamburg-based Sutor Bank is an independent diversified bank founded in 1921, and one of the very few banks in Germany integrating with Fintechs in the digital asset 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. Furthermore, Sutor Bank has an award-winning wealth management team and supports independent financial advisors with a complete portfolio of products such as savings plans, public subsidised retirement plans or gold savings plans.
Oliver von Landsberg-Sadie, founder and CEO of BCB Group, said the combination of BCB Group and Sutor Bank created a powerful opportunity to give crypto industry clients the best possible product range and service in the EU.
“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,” he said.
“We are also excited to add Hamburg to our global footprint as one of the most progressive cities in the world.”
Mike Hofer, Chief Banking Officer of BCB Group, said: “Adding Sutor Bank to the family of BCB Group will allow us to provide more innovative services to the digital assets economy than ever before. I am thrilled to see many constraints that naturally come with reliance on third parties fall away, and experience the ability to pursue many more opportunities than traditionally possible without a banking licence.”
Sutor Bank Managing Partner – Robert Freitag – added: “We are pleased to now be a member of BCB Group, which allows us to continue our growth-oriented fintech and crypto strategy.”
His colleague Thomas Meier – also Managing Partner – emphasised: “When choosing a strategic partner for our future, it was important to us to find someone who not only respects the 100-year history of our bank, but who will also support the bank growing as a whole within the group.”
Mr von Landsberg-Sadie told Crypto AM the move was a big deal for BCB Group which, he stressed, had ‘grown materially’ since 2017.
“This is the kind of deal I wouldn’t have imagined back then,” he said.
“It’s a big deal for the clients as well – a big deal for us, our clients and the industry.
He added that BCB had acquired its authorised payments institution licence in 2019, meaning that payments had become the focal point of the operation.
“The primary opportunity that we’re leading into here is providing basic banking for the crypto industry,” he said.
“Up to this point, the number of banks whose sole purpose is to be a specialised service in the banking industry has been a tiny number – there are a handful of banks that are crypto friendly, but not wholly servicing the crypto industry.
“There is no crypto-friendly UK bank – not for the industry. This is the first time.”