Varengold Bank AG: Capital increase - new shares completely issued, Funds are partly used to refinance credit platforms

Varengold Bank AG

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Varengold Bank AG: Capital increase - new shares completely issued, Funds are partly used to refinance credit platforms

Hamburg, 18th January 2019 – Varengold Bank AG has carried out a capital increase with indirect subscription right within a public subscription offering and a subsequent private placement. The company's share capital will be increased against cash contributions by EUR 3,105,211.00 from EUR 6,210,423.00 to EUR 9,315,634.00 by issuing 3,105,211 new shares. All shares were placed at an issue price of EUR 2.50 per share. 757,762 shares were taken up by existing shareholders in the public rights offering. In the subsequent private placement, the Management Board succeeded in acquiring further institutional investors, mainly from the financial and insurance sectors, in addition to existing investors. The new shareholders are convinced of the strategic orientation of Varengold as bank for the marketplace lending industry as well as strong provider of transaction banking products and will actively support the bank on its further journey. In addition, 65,000 shares were subscribed by the Supervisory Board member Vasil Stefanov. The capital increase shall be registered in the commercial register soon.

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