22.06.2023 Varengold Bank AG  DE0005479307

EQS-News: Varengold Bank AG takes a stand on the current, in part grossly misleading media coverage


EQS-News: Varengold Bank AG / Key word(s): Statement/Restructure of Company
Varengold Bank AG takes a stand on the current, in part grossly misleading media coverage

22.06.2023 / 16:13 CET/CEST
The issuer is solely responsible for the content of this announcement.

Varengold Bank AG takes a stand on the current, in part grossly misleading media coverage
  • Only transactions in the field of humanitarian goods were supported
  • Varengold Bank has a long-term and sufficient liquidity position


Hamburg, 22/06/2023 – As already known since its initial publication on 2 June 2023, the current special audit of business operations at Varengold Bank AG by the German Federal Financial Supervisory Authority (BaFin) in accordance with Section 44 (1) sentence 2 of the German Banking Act (KWG) has led to an initial interim result. The commissioned auditors asserted that there are possible compliance violations in the Commercial Banking division respectively in the payment transaction business - the individual issues are currently under review by all parties involved. There is not yet a legally binding result of the audit, but Varengold Bank has immediately taken preventive measures in the affected business division to secure the Bank on its stable foundation. The current situation was not foreseeable for Varengold Bank.

The affected Commercial Banking activities were thoroughly and comprehensively audited from the beginning by various highly qualified auditors and were not objected. With a great team of qualified employees, the bank did a positive cultural change and was able to build up several sustainable business areas over the past years. Corporate prudence now dictates to restructure in the affected business area. The company is deeply saddened to have to dismiss some of these colleagues. The other business units Marketplace Banking and the deposit business (call and fixed-term deposits) of Varengold Bank will continue as usual.

As a result of the further publications of 16 June 2023 and 20 June 2023, the institute is subject to increased enquiries from media as well as business and shareholder circles. Various media are currently reporting on the so-called "Iran business", whereby the role of Varengold Bank in the entire complex is being represented in a partially inaccurate and misleading manner.

Commercial banking / Payments business:

Varengold Bank has always transparently disclosed its business activities in the area of Commercial Banking, which among other things also have a connection to Iran. This has been portrayed differently in some media reports, although it has been stated in public financial reports and during general debates at shareholders' meetings that Varengold Bank uses customized products and solutions to enable its customers to conduct transactions and trading activities across national borders and that the trading focus is on the regions of Eastern Europe, the Middle East and explicitly Iran. It was also explained that the clients are especially producers and wholesalers of food and medicines who are active in niche markets. These business activities are and have been expressly in compliance with the Iran Embargo Regulation and this fact is not questioned by the current interim report of the special audit.

The bank has been active in this area for several years. The expansion of this area goes back to a business decision taken many years ago to support people who do not have access to banking services due to difficult regulatory conditions, political motives or other restrictions. In this context, the bank also supported exporters in the processing of payments for urgently needed food and medical technology to Iranian importers. In all clarity: Varengold Bank only supports transactions in the humanitarian field. These are permitted and approved and they are - this is also the bank's view - required. In the past, for example, activities have been undertaken at the request of and in direct consultation with the German Foreign Office. In the view of the Bank and various external auditors, these transactions have been carried out properly from the beginning.

Balance Sheet Structure:

Specifically, Varengold Bank's balance sheet total is made up of about 60 per cent daily available account balances of corporate customers in an account at the Deutsche Bundesbank, about 8 per cent equity and provisions, and about 32 per cent call and fixed-term deposits of German savers. These German savers are matched by an identical volume of loans. This means that the balance sheet structure of Varengold Bank itself would be able to cope with the simultaneous withdrawal of all deposits in the call money accounts by customers.


About Varengold Bank AG

Varengold Bank is a German financial institution founded in 1995 and granted a full banking licence in 2013. In addition to its head office in Hamburg, the bank has a presence in Sofia. Core business areas are Marketplace Banking and Commercial Banking (Transaction Banking). Within Marketplace Banking, the focus is on the cooperation with European Fintechs, especially lending platforms. Varengold Bank’s service portfolio includes Funding, Debt and Equity Capital Markets products, Fronting Services for products subject to banking licence requirements / Banking-as-a-Service (BaaS) and International Payment Services as well as Trade Finance. Varengold Bank is registered with the Federal Financial Supervisory Authority (BaFin) under no. 109 520 and its shares (ISIN: DE0005479307) have been listed on the Open Market of the Frankfurt Stock Exchange since 2007. For more information, see www.varengold.de.


Disclaimer on forward-looking statements / no duty to update

This communication contains forward-looking statements that are subject to certain risks and uncertainties. Future results may differ materially from those currently expected, namely due to various risk factors and uncertainties such as changes in the business, economic and competitive situation, fluctuations in exchange rates, uncertainties regarding legal disputes or investigations, and the availability of financial resources. The reader should therefore not over-rely on these statements, particularly in connection with contracts or investment decisions. Varengold Bank AG assumes no responsibility for updating the forward-looking statements contained in this communication.


This announcement does not constitute an offer or invitation to subscribe for or purchase any securities of Varengold Bank AG in the United States of America, Germany or any other jurisdiction. This announcement does not constitute a recommendation regarding the placement of the securities described in this announcement.

Ms. Sanja Schultz-Szabo (Head of Corporate Development)

22.06.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Language: English
Company: Varengold Bank AG
Große Elbstraße 39
22767 Hamburg
Phone: +49 (0)40 / 668649-0
Fax: +49 (0)40 / 668649-49
E-mail: [email protected]
Internet: www.varengold.de
ISIN: DE0005479307
WKN: 547930
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Basic Board), Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1663659

End of News EQS News Service

1663659  22.06.2023 CET/CEST


Die wichtigsten Finanzdaten auf einen Blick
  2016 2017 2018 2019 2020 2021 2022
Umsatzerlöse1 14,68 13,15 20,16 19,88 24,42 51,39 0,00
EBITDA1,2 -2,20 0,56 2,28 3,59 1,86 21,40 0,00
EBITDA-Marge3 -14,99 4,26 11,31 18,06 7,62 41,64 0,00
EBIT1,4 -2,52 0,55 2,28 3,59 1,86 21,40 0,00
EBIT-Marge5 -17,17 4,18 11,31 18,06 7,62 41,64 0,00
Jahresüberschuss1 -1,49 0,02 0,52 1,62 1,72 17,17 20,00
Netto-Marge6 -10,15 0,15 2,58 8,15 7,04 33,41 0,00
Cashflow1,7 -1,49 0,20 0,52 2,55 9,12 17,28 0,00
Ergebnis je Aktie8 -0,51 0,01 0,06 0,17 0,17 1,71 1,45
Dividende8 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2021 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: PricewaterhouseCoopers

Varengold Bank
WKN Kurs in € Einschätzung Börsenwert in Mio. €
547930 3,140 31,54
KGV 2024e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
8,97 10,31 0,84 -4,44
0,56 1,83 0,61 15,77
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
0,00 0,00 0,00 24.08.2022
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
28.04.2023 30.09.2024 - 28.06.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
16,99% -23,19% -44,91% -33,19%
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Finanzdienstleistungen , 547930 , VG8 , XETR:VG8