Crypto payments processors BCB Group has mutually terminated its deal to acquire 100-year old Sutor Bank in response to changing market decision.
In December 2021, BCB Group announced an agreement to acquire Sutor Bank to vertically integrate a full serviced bank offering into its product suite.
BCB Group’s founder and CEO, Oliver von Landsberg-Sadie comments: “Whilst we still believe in the team at Sutor and their innovative platforms, ultimately we recognise that in today’s market, unrecognisable compared to the 2021 market, we can each serve our clients on our own foundations more effectively than via the deal originally agreed. In the near term, BCB provides a more resilient service as a network of independent banks.”
He says BCB intends to focus more on its European strategy via its application for an e-money licence in France, and on its move to capture and service the demand for USD payment rails.