On 15 December 2021 BCB Group, a London based provider of business accounts and trading services, announced its investment into Max Heinr. Sutor oHG (Sutor Bank). Subject to required regulatory approvals, BCB Group will acquire 100 % of the bank. With additional funding and new ownership, Sutor Bank intends to grow its existing lines of business and benefit from the convergence of platform banking and the digital asset economy.
BDO AG Wirtschaftsprüfungsgesellschaft and BDO Legal Rechtsanwaltsgesellschaft mbH provided an interdisciplinary team to support the owners of Sutor Bank in the transaction process. Our services spanned legal, financial, tax and structuring advice as well as general transaction support.
About Sutor Bank
Hamburg based Sutor Bank, founded in 1921, is an established player among Germany's partner banks for Next Finance business models. As a private bank with around 120 employees, it pursues a partnership-based approach, focussing on mutual success. For fintechs and digital founders, Sutor‘s banking platform combines account solutions with payment services, loans, securities and crypto trading. In addition, Sutor Bank offers private banking and asset management services, manages numerous foundations and offers B2B solutions to financial service providers and investment companies.
About BCB Group
BCB Group is Europe’s leading crypto-dedicated payment services provider, serving some of the industry’s largest clients including Bitstamp, Coinbase, Galaxy, Gemini, Huobi and Kraken. BCB Group provides payment services in 20+ currencies, FX, cryptocurrency liquidity and digital asset custody.
Responding to institutional demand for operational best practice in digital asset markets, BCB Group was created by established thought leaders in finance, regulation and technology. Founded in the UK and developed to encompass key relationships across global financial services communities, BCB Group is well positioned as one of the first multi-jurisdictional regulated cryptocurrency service firms. BCB Group’s executive team have worked for Barclays, Credit Suisse, Deutsche Bank, Investec, Lloyds Commercial Bank, Norton Rose Fulbright, FIS and Sun Life of Canada. BCB’s mission is to connect and bank the global crypto industry.
Advisors to Sutor Bank
BDO Legal: Thorsten Schumacher (Corporate/M&A, Düsseldorf), Dr. Michael Mette (Regulatory, Stuttgart), Ingo Gottwald (Regulatory/M&A Tax, Hamburg), Dr. Patricia Sirchich von Kis-Sira (Regulatory, Düsseldorf), Jessica Hofbauer (VC/M&A), Dr. Marcel Fricke, Jessica Fischer (both IP/Commercial, Hamburg)
BDO: Martin Geisler (Corporate Finance – Financial Services, Hamburg), Marco Fröhlich (Corporate Finance – Financial Services, Hamburg), Peter Klumpp, Christian Erbut (both M&A Tax, Hamburg)