Varengold Bank

Varengold Bank AG is a German bank founded in Hamburg in 1995 that also has offices in London and Sofia.

Varengold Bank AG
TypePublic
FWB: VG8
IndustryFinancial services
Founded1995
HeadquartersHamburg, Germany
ServicesMarketplace banking, commercial banking, Trade finance
Total assets€503 million (2019)[1]
Number of employees
66 (2019)[1]
Websitewww.varengold.de

Divisions

In the marketplace banking division, the bank supports online marketplaces that deal with the financing of companies and consumers (peer-to-peer platforms). Varengold finances the growth of fintech companies and provides them with products requiring a banking license (fronting services).[2] In the transaction banking and commercial banking division, the bank provides foreign trade-oriented customers with basic products such as account relationships and international payment transactions. The bank also has a customer base for trade finance transactions (e.g., guaranties or letters of credit).

Varengold Bank AG is registered with the Federal Financial Supervisory Authority (BaFin) under No. 109520[3] and is affiliated with the Entschädigungseinrichtung deutscher Banken (EdB).[4] Varengold shares (stock symbol VG8) is listed on the Xetra of the Frankfurt Stock Exchange.[5]

History

Varengold was founded in 1995 by Yasin Sebastian Qureshi and Timur Coban as an asset management boutique. Since the company was founded, the focus of its business activities has initially been on derivatives brokerage and services in the area of alternative investments.

In 1998, Varengold was granted a credit institution license by the then Federal Banking Supervisory Office (Bundesaufsichtsamt für das Kreditwesen). In June 2013 Varengold was granted a license as a deposit-taking bank.

Since 20 March 2007, the Varengold shares have been listed in the unofficial market of the Frankfurt Stock Exchange in the Entry Standard market segment. With the discontinuation of the Entry Standard on 1 March 2017, Varengold moved to the Basic Board.[6]

Criticism

The Jerusalem Post reported in October 2018 that Varengold was said to have been doing business with Iran Air at that time despite US sanctions.[7]

The Varengold investment subsidiary was involved in cum-ex transactions. As of 2018, possible claims in the high double-digit millions still burden the bank's balance sheets. The public prosecutor's office in Cologne is investigating the former responsible persons from Varengold due to a particularly serious case of tax evasion.[8][9]

In August 2020, the credit house was searched by investigators due to the cum-ex investigations.[10]

On June 27, 2023, BaFin prohibited Varengold Bank AG from conducting transactions with "payment agents" and other third parties related to Iran due to high money laundering risks and serious deficits in money laundering prevention.[11]

References
  1. "Halbjahresbericht 2019" (PDF). Varengold Bank (in German). Retrieved 27 March 2020.
  2. "Fintech Centric German Bank Varengold Launches Bulgarian Operations". Unicorn Fintech Solutions. 26 November 2018. Retrieved 14 August 2019.
  3. "BaFin database of companies". BaFin (in German). Retrieved 14 August 2019.
  4. "Varengold Bank AG". Entschädigungseinrichtung deutscher Banken. Retrieved 14 August 2019.
  5. "Varengold Bank AG". Market Watch. Retrieved 14 August 2019.
  6. "Varengold Bank AG: Einbeziehung in das Basic Board". DGAP.DE (in German). 16 February 2017. Retrieved 14 August 2019.
  7. Weinthal, Benjamin (24 October 2018). "German bank holds account for soon-to-be-sanctioned Iran Air". The Jerusalem Post. Retrieved 14 August 2019.
  8. Bognanni, Massimo (24 March 2019). "Fehler im Prüfsystem?". tagesschau.de (in German). Retrieved 14 August 2019.
  9. Die unheimliche Macht der Berater [The eerie power of the advisers] (in German). ARD. 25 February 2019. Retrieved 14 August 2019.
  10. Manuel Daubenberger, Oliver Schröm, Jonas Schreijäg, Lea Busch (18 August 2020). "Cum-Ex-Skandal: Ermittler durchsuchen Bank in Hamburg". ndr.de (in German). Retrieved 27 August 2020.{{cite web}}: CS1 maint: multiple names: authors list (link)
  11. Claudio Kummerfeld (3 August 2023). "BaFin untersagt Varengold Bank bestimmte Transaktionen". finanzmarktwelt.de (in German). Retrieved 3 August 2023.

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