Company:Varengold Bank
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| Type | Public company (Aktiengesellschaft) |
|---|---|
| FWB: VG8 | |
| Industry | Finance Investment banks Brokerage |
| Founded | 1995 |
| Headquarters | Hamburg, Germany |
Key people | Dr. Bernhard Fuhrmann (Chief Executive Officer) Dr. Karl-Heinz Lemnitzer (Chairman) |
Number of employees | 57 (December 2017) [1] |
| Website | https://www.varengold.de |
Varengold Bank AG is a German investment bank headquartered in Hamburg, Germany. The company provides online trading, brokerage, asset management and commercial banking services.
Varengold bank is a member of the Bundesverband, a lobby association for alternative investments in Germany [2]
History
Varengold was founded in 1995 by Yasin Sebastian Qureshi and Steffen Fix amongst others. Since foundation of the company main business operations is derivative brokerage as well as Alternative Investments products and services.
In 1998, Varengold obtained the licence for financial institutions by the Bundesaufsichtsamt für das Kreditwesen (BAKred), the German financial regulator at that time. In 2003, Varengold became registered as an investment bank by the Federal Financial Supervisory Authority (BaFin) and in 2013 it obtained a commercial banking license.[3]
Varengold bank is a member of the Entschädigungseinrichtung deutscher Banken (EdB), a private institution legally responsible for guaranteeing the deposits of account holders of German banks.
In 2017 plans for a new branch in Sofia were published.[4]
In 2018 it emerged that Varengold is possibly connected to money laundering activities of its former board member Sanjay Shah[5].
Products
Products of Varengold investment bank address institutional investors, asset managers as well as financially independent private individuals.
VarengoldbankFX brokerage closed on October 31, 2016.[6]
References
- ↑ https://www.varengold.de/fileadmin/Downloads/Investor_Relations/Geschaeftsberichte/20180619_Varengold_Geschaeftsbericht-2017_DEU.pdf page 4
- ↑ "Alternative Investments e.V. Newsletter". BAI. http://www.bvai.de/index.php?id=17.
- ↑ "Law&Trust International - Varengold Bank AG". https://lawstrust.com/en/bank/varengold_bank_ag.
- ↑ https://www.varengold.de/fileadmin/Downloads/Investor_Relations/Geschaeftsberichte/20180619_Varengold_Geschaeftsbericht-2017_DEU.pdf page 4
- ↑ https://www.handelsblatt.com/politik/deutschland/illegale-zahlungsfluesse-gangsters-paradise-deutschland-ist-die-hochburg-fuer-geldwaescher/22843400.html?ticket=ST-1123752-dFmnT2QDCdkvZYDehLin-ap3
- ↑ "Varengold Bank FX". https://www.varengoldbankfx.com/en/. Retrieved 15 March 2017.
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