Varengold Bank to Leave Dubai as Part of Strategic Restructuring

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 Hub A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method Read this Term 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.

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 Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term 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.