East-West United Bank is a bank based in Luxembourg, established in June 1974 by the Gosbank, the Soviet Union's central bank.[1] It has been fully owned by Russia-based Sistema since 2018.[2] The bank offered private banking[3] and corporate financing, with €724 million in total assets as of 2021.[4] Since the Russian invasion of Ukraine in February 2022, the bank faced difficulties.[5] Due to international sanctions and other issues, Sistema made the decision to sell the bank in late 2023.[6] The bank eventually ceased operations due to collapsed assets,[7][8]
History
The East-West United Bank was founded on 12 June 1974 by the Gosbank and Vneshtorgbank, with the support of Luxembourg Prime Minister Pierre Werner. The shareholding structure associating Gosbank and VTB lasted until 1992.[10][11][12]
From 1992 to 2000, Imperial Bank had a major stake in EWUB of 49% and Tokobank, which collapsed after the 1998 Russian financial crisis began on 17 August 1998, held a 28% stake in EWUB in 1998,[15][16] but, on 17 April 2000, Imperial Bank was dissolved.[17]
Head office
The EWUB is headquartered at Villa Foch, a historic property on 10, Boulevard Joseph II in Luxembourg. The villa was erected in 1891 for Alsatian businessman Jean-Henri Thierry and his wife Catherine Rückert on a design by architect Charles Mullendorff. In the final stages of World War I, it was used by Supreme Allied Commander Ferdinand Foch for his headquarters, from which it retains its name. The EWUB acquired it in 1976 and moved in the next year after renovation.[46] It was renovated again in 2010-2012.[10] The EWUB also maintains an office in a nearby building at 26, avenue Monterey.
Leadership
See also
- Banking in the Soviet Union
- List of banks in Luxembourg
External links
References
- East-West United Bank is in the clear for now delano.lu, retrieved 2022-03-31^
- Luxembourg cuts ties with honorary consul Valery Gergiev delano.lu, retrieved 2022-03-31^
- East-West United Bank (EWUB) GSL Law & Consulting, retrieved 2022-03-31^