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BCB Group Abandons Sutor Bank Acquisition on Regulatory Delay
The payments processor also cited crypto market conditions as a reason for the exit.
Updated Jun 14, 2023, 4:10 p.m. Published Jun 14, 2023, 4:10 p.m.
BCB Group, a payments processor that links crypto firms to the banking system, ended its planned acquisition of 100-year old Sutor Bank more than a year after it was announced, citing regulatory delays and changing current market conditions.
“The deal that was signed and agreed and finalized in December 2021 could not complete without Bafin's approval of the change of control, and while we were waiting 18 months, the world changed, so we both backed out,” BCB founder Oliver von Landsberg-Sadie said in an interview, referring to Germany’s financial regulator.
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BCB noted that there is a “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.” The company said it will now focus on its European strategy through its e-money license in France.
“Whilst we still believe in the team at Sutor and their innovative platforms, ultimately we recognise 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,” von Landsberg-Sadie said.
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