Hamburg, 19th February 2020 - Varengold Bank AG has carried out a capital increase under exclusion of subscription rights for existing shareholders by using the existing authorized capital.

The company's share capital was increased from EUR 9,315,634.00 against cash contributions by EUR 727,381.00 to EUR 10,043,015.00 by issuing 727,381 new shares. All shares were placed at an issue price of EUR 3.85 per share. The Management Board has succeeded in acquiring other institutional investors in addition to existing investors. With the strengthening of the capital base, Varengold Bank is still on a growth path and the new funds will be partly used to refinance credit platforms in the area of marketplace banking.

The capital increase was entered in the commercial register on 17 February 2020.

Disclaimer

This release contains forward-looking statements that involve certain risks and uncertainties. Future results may differ materially from those currently anticipated due to various risk factors and uncertainties, such as changes in business, economic and competitive conditions, currency exchange rate fluctuations, litigation uncertainties or investigations, and availability of financial resources. Varengold Bank AG assumes no responsibility for updating the forward-looking statements contained in this release.


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