East-West United Bank Celebrates 45th Anniversary in Luxembourg

On 12 June 2019, the East-West United Bank (EWUB) will celebrate its 45th anniversary in Luxembourg.

One of the first international banks in the Grand Duchy, the history of the bank began in 1974 when the Grand Duke of Luxembourg signed a decree establishing the EWUB, which for nearly 20 years represented the economic interests of the USSR.

Today, the bank, owned by Sistema, one of the largest Russian public financial corporations, plays an important role in maintaining business relations between Russian and European businesses, placing particular emphasis on servicing private high net worth individuals.

Being a bridge between the East and the West and connecting businesses from Russia and the Commonwealth of Independent States (post-Soviet) countries with European partners, about 80 bank employees from 22 countries worldwide serve over 500 private and corporate clients. These include individuals with assets of €1 million, companies engaged in international trade or business, traders, holdings, securitisation and investment companies.

The Bank also serves over 3,000 customers from Luxembourg and Germany through its East West Direkt online platform launched in 2017. This service was one of the first online platforms for attracting deposits of individuals in Luxembourg and showed good traction: in two years the bank attracted about €130 million. The successful work of the bank on the European market is contributed to the fact that over the past years EWUB has systematically expanded its product line and range of services, attracted professionals, developed new technologies, introduced high standards in the field of corporate management, risk management, personal data protection and compliance procedures.

Sergey Pchelintsev, CEO of EWUB, commented: “We have always strived for dialogue and unification and will continue to implement projects, guided by this principle - to build bridges, not walls, and create opportunities for development. We believe that wealthy Russians, who legally earned their money, and successful companies with Russian shareholders are entitled to first-class banking services in Europe”.

Jean-Claude Knebeler, Ambassador of Luxembourg to the Russian Federation, added: "East-West United Bank has been an important element in the relationship between Luxembourg as a European financial centre and at first the Soviet Union, followed by the Russian Federation".

As a multinational and multicultural company, EWUB has supported Russian cultural and educational projects in Luxembourg, such as the Kalinka Russian School since its foundation in 2010 and the annual charity Russian Ball, and is actively promoting Luxembourg in Russia.

To celebrate its 45th anniversary, the Mariinsky Orchestra will perform a concert on 15 September 2019 at the Philharmonie Luxembourg, under the direction of maestro Valery Gergiev with EWUB being an exclusive sponsor of the event. The concert will be followed by reception for the bank’s employees, clients and partners.