AMINA Bank (formerly SEBA Bank) was, alongside Sygnum, one of the first financial institutions in Switzerland to call itself a "crypto bank" starting in 2019. Six years later, rumors are swirling about a potential acquisition that could be necessary to save the Zug-based bank.
AMINA is reportedly about to be acquired by a new owner, according to Zurich-based financial news portal "Inside Paradeplatz," citing two insiders. The crypto bank would be sold “for a pittance,” with interested parties allegedly including groups from China. However, the financial market regulator (FINMA) is said to be blocking the deal-something that could prove fatal for AMINA. But as CVJ.CH has learned, these ominous rumors appear to be mostly hot air.
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New investors, no full acquisition
Two sources did confirm that talks with additional investors have been ongoing for some time. FINMA has also reportedly set limits on the volume of foreign investments. However, a acquisition of AMINA is considered unlikely at this point. The discussions are solely about bringing in further investors, according to the sources. No objections have been raised by FINMA so far.
A “quick acquisition” doesn’t appear to be necessary anyway. An insider claims AMINA Bank was already profitable in the third and fourth quarters of 2024. When contacted by CVJ.CH, the bank declined to comment. However, in an interview with "Finews" last September, CEO Franz Bergmüller confirmed positive momentum. The number of clients has been steadily increasing month by month.
“Assets under management have grown by 150 percent over the past twelve months, revenues by 80 percent, and we are seeing significant net new money inflows.” – Franz Bergmüller, CEO of AMINA Bank
Focus on expansion
The bank is approaching the break-even point. However, AMINA has decided to prioritize investments. Bergmüller points to the bank’s branches in Abu Dhabi and Hong Kong. Now, the crypto bank has its sights set on Europe. To this end, AMINA has applied for a license under the European MiCAR framework. These initiatives are being financed through ongoing business operations and not through additional capital raises. This temporarily affects profitability. For this reason, unlike most other banks, the Zug-based institution does not publish its financial figures, according to the CEO.
