The Aleba, OGBL and LCGB trade unions announced the signature of a redundancy plan at East-West United Bank (EWUB). The bank has been established in Luxembourg for more than 45 years and belongs to the Russian group Sistema.

Its business activities are mainly focused on Russian-speaking clients to whom it provides asset management and transaction services. The war in Ukraine and the sanctions imposed on Russia have therefore presented the bank with “”, the three unions admitted in their  on 10 November. “In order to ensure a sustainable existence and to protect jobs as far as possible, EWUB has to adapt its structure, including its workforce, to the decline in business and income and has to reduce the workforce through collective redundancies.”

An agreement was reached with EWUB management on 25 October. The redundancy plan will affect 32 to 44 of the bank’s 80 employees. They will benefit from “social support measures and extra-legal compensation”.

According to EWUB’s annual report available on the Trade and Companies Register, by 2021 the value of its assets had risen from €677m to €724m. Its operating loss had decreased from €4m to €1.3m.

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