Varengold Bank AG / Key word(s): Development of Sales/Restructure of Company
Hamburg, 2 June 2023 – As part of the special audit of the business operations of Varengold Bank AG (symbol: VG8) ordered by the German Federal Financial Supervisory Authority (BaFin) in accordance with Section 44 Paragraph 1 Sentence 2 of the German Banking Act (KWG), the payment transaction business in the Commercial Banking division was, among other things, intensively examined. An initial interim result of the auditors involved led to a hearing pursuant to § 28 of the Administrative Procedure Act (VwVfG) from BaFin due to possible compliance violations. The examination has not yet been completed.
Varengold Bank is reviewing the individual issues and will take appropriate restructuring measures in the payment transaction business or adjust the existing payment transaction processes in the short term. Varengold Bank will clearly restrict payment transactions with some of its international corporate customers in the Commercial Banking division until the final clarification of the issues. This will lead to a significant loss of commission income. The effects on the issuing of the 2022 annual financial statement and a concrete correction of the earnings forecast for 2023 cannot yet be adequately assessed.
This notification is a mandatory notification according to Art. 17 MAR. The assessments contained are subject to the following caveats.
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)
End of Inside Information
|Company:||Varengold Bank AG|
|Große Elbstraße 39|
|Phone:||+49 (0)40 / 668649-0|
|Fax:||+49 (0)40 / 668649-49|
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Basic Board), Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1648305|
|End of Announcement||EQS News Service|