Varengold Bank Investigates New Potential Business Areas

Hamburg, 10/09/2024 – During a Supervisory Board meeting today, Varengold Bank AG [ISIN: DE0005479307] outlined the fundamentals of a new business model. This model focuses on expanding their operations in ESG financing, with a particular emphasis on energy transition. In a strategic move, the bank has decided to discontinue payment transactions with Iran related to humanitarian imports, aiming to adapt to changing conditions.

The Management Board is set to detail this business model further in the coming weeks and present it for final approval. Recognizing the challenges involved, the Supervisory Board plans to expand the Management Board to better manage the transition.