14.05.2014
Varengold Bank AG DE0005479307
DGAP-News: Varengold Bank AG: Renewed capital increase through strategic investor and preliminary, unaudited figures 2013
Varengold Bank AG / Key word(s): Capital Increase/Final Results
14.05.2014 17:18
Dissemination of a Corporate News, transmitted by DGAP - a company of EQS
Group AG.
The issuer / publisher is solely responsible for the content of this announcement.
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Hamburg, May 14th, 2014 - Varengold Bank AG (WKN 547930) has launched a
capital increase against cash contribution under exclusion of subscription
rights to the extent of 159.571 par value bearer shares from the authorized
capital approved at the extraordinary general meeting from January 15th,
2014. The new shares were placed at a strategic investor with an issue
price of EUR 20.00 per share, resulting in a cash inflow of 3,191,420.00
EUR.
The proceeds from the share placement fully benefit to the company and will
be used to further expand the business opportunities of Varengold Bank AG.
The relevant documents were signed by the parties and short-term passed by
the company to the register court for registration.
Looking back on the year 2013, the business of Varengold Bank AG was
particularly marked by significant special effects regarding the
enlargement of license for conducting banking business. Even the difficult
circumstances of the global financial markets were noticeable for the
company.
According to preliminary, unaudited figures Varengold Bank AG concluded the
financial year 2013 with an annual deficit of approximately EUR -3.7
million. Due to the continued low levels of managed customer deposits
(AuM), the contribution to earnings stagnated in the business field Asset
Management during the period under consideration. The branch
Capital-Markets-Brokerage generated an over the previous year nearly
identical result. In addition, the fiscal year was impacted by significant
administrative expenses in all fields of business, which were necessary for
the expansion of Varengold as a commercial bank and its future realignment.
For example, a complex core banking system has been implemented in order to
handle future business activities in the newly established division
Commercial Banking. This sector was initially focused on the development of
business relationships with numerous domestic and foreign corporate
clients. The range of products for new and existing customers was also
expanded, so that i.e. Varengold offers free instant access savings
accounts for private clients since mid-March 2014.
The necessary investments to adapt and expand the infrastructure of
Varengold Bank AG as of today's commercial bank do currently not offset
with sufficient income. However, the board of managing directors recognizes
on the current assessment over the course of the year a sustainable and
satisfactory growth potential.
Varengold Bank AG will publish its audited annual financial statement in
June 2014.
14.05.2014 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Varengold Bank AG
Große Elbstraße 27
22767 Hamburg
Germany
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: Freiverkehr in Berlin, Düsseldorf, Stuttgart; Frankfurt in
Open Market (Entry Standard)
End of Announcement DGAP News-Service
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