European Digital Assets Specialist Bank Ends Bid To Buy German Lender

Tom Burroughes

15 June 2023

European digital assets specialist , among other measures.

Sutor Bank, founded in 1921 – as the December 2021 statement from BCB had said – “is an independent diversified bank founded in 1921, and one of the very few banks in Germany deeply integrating with fintechs in the digital asset space.” It offers portfolios of products such as savings plans, public subsidised retirement plans or gold savings plans.

BCB’s statement referred to steps it is taking to spread and control risks.

“There is…renewed focus from depositors on the safety of funds in financial institutions, as well as attention from regulators on the financial health of banks and the broader banking industry in various jurisdictions, including Germany,” it said. “This has all seen a shift in the near term balance between fintechs and ‘fully licensed’ banks. By safeguarding customer funds with carefully chosen banking partners, BCB Group can better protect its customers with its UK API and imminent European licences, which are currently in the pipeline.”

BCB Group, with offices in London, Switzerland and South Africa, was founded in the UK in 2017 by Oliver von Landsberg-Sadie (CEO) and Oliver Tonkin (general counsel), fellow MBA post graduates of City of London’s Cass Business School. It was built to service the blockchain and cryptocurrency industry. Senior figures have worked for Barclays, Paysafe, Bitstamp, Coinbase, Credit Suisse, Deutsche Bank, FIS, Goldman Sachs, JP Morgan, Investec, Lloyds Commercial Bank, Luno, Norton Rose Fulbright, FIS and Sun Life of Canada.