With some uncertainty about the foreign exchange and CFDs business of Varengold following the latest round of changes in top management, the German bank has unveiled that it is holding an Extraordinary General Meeting of the board on the 2nd of November.
While no detailed schedule has been announced, according to information obtained by Finance Magnates reporters the new management of the bank has made a major strategic decision regarding the company’s Dubai office. Varengold Bank will be leaving the middle-eastern hub and focusing on its European operations.
Varengold was co-founded in 1995 by majority shareholders Yasin Sebastian Qureshi and Steffen Fix in cooperation with some other investors.
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The German financial institution has for years been focused on delivering brokerage services, yet following a recent reshuffling on top, which led to the co-founders of the bank being ousted, the company has been rumored to be shifting its business direction entirely and possibly disposing of its forex and CFDs brokerage unit.
Rapid changes at the helm of the company have been a result of the efforts of the new financial backer of the group which is rumored to be a London-based hedge fund. The bank has been operating under an investment bank license since 2003, when it became regulated by German financial watchdog BaFin.
In 2013 Varengold obtained a commercial banking license, which appears to be the growth sector for the firm’s new management. The Annual General Meeting of shareholders has resulted in a new capital raising effort for up to €1 million, aimed at maintaining the company’s growth trajectory.