We are proud of our team and our history. For 45 years, we have built a strong and independent bank open to clients from all over the world.
corporate and private clients
million in shareholder equity
tier 1 capital adequacy ratio
professionals from 22 countries
years on the Luxembourg’s banking market
EWUB: the beginning of the journey
We have come a long way over the past 45 years from a closed institution representing the foreign economic interests of the Soviet Union to a universal bank offering premium services to private and corporate clients. We invite you on a journey through the history of the bank, which is closely tied to the history of Luxembourg.
The «Iron» Duchy turns to banking
At the beginning of the 20th century, Luxembourg is a powerful industrial centre with thriving mining and metallurgy industries. It even bears the name of the «Iron Duchy.» Luxembourg’s role in producing steel and cast iron in Europe provides a high standard of living to its residents. And yet, no one is keen on remaining a resource economy and an industrial appendage of their larger neighbors. The recession of the early 1970s and the urge to remain financially independent push Luxembourg to develop its banking sector. In just 10 years it will become the new European financial centre.
The Grand Duke signs EWUB Incorporation Act
It takes Luxembourg only a few years to create favorable conditions for the establishment of financial institutions. Thanks to flexible economic legislation, leading banks from all over the globe open offices in Luxembourg. East-West United Bank, representing the interests of the Soviet Union in the Benelux countries, is among the first.
On June 12, 1974, Grand Duke Jean of Luxembourg signs the incorporation act for East-West United Bank. Prime Minister of the country and the government and municipal representatives attend the inauguration event. The bank opens its doors to its first customers in December.
EWUB renovates historic Villa Foch
Villa Foch, a witness to the rise of the Luxembourg metallurgy industry, almost, falls victim to its decline. ARBED, the giant steelmaker that owned the estate finds itself on the verge of collapse in the mid-1970s and proceeds to sell off its real estate. The mansion is about to be replaced by several houses, but East-West United Bank acquires the historic La Belle Époque building along with the adjacent landscape park.
Following careful interior refurbishment (the architects and designers are strictly briefed to maintain the historic appearance of the house and the park) EWUB moves to Villa Foch from Boulevard Royal. The bank helps to preserve one of the most beautiful buildings in Luxembourg and further supports ARBED, financing its aircraft business.
New laws for banking prosperity
The Duchy is emerging from the oil crisis of the mid-1970s, successfully changing its priorities from metal mining and processing to the financial sector. The inflow of foreign capital plays an important role in the transformation of the local economy. In 1988, Luxembourg becomes the first country to legally support UCITS, a European directive enabling free trading of investment funds between European countries. By the middle of the 1990s, Luxembourg is home to over 200 international banks, including EWUB. The financial sector employs almost 10% of the population, and the service industry experiences rapid growth, high-tech companies open European headquarters in the country.
EWUB goes private
The Soviet Union collapses, and the state whose interests were represented by the bank for 18 years sells its equity stake. The ambitious Imperial Bank, which Russians remember for an advertising campaign involving key figures from world history, including Napoleon Bonaparte, Alexander II, Tamerlane, Suvorov, and Dmitry Donskoy, acquires 49% of EWUB.
Post-recession: EWUB supports economic ties between Russia and Europe
EWUB smoothly navigates the devaluation of the Russian rouble in 1998 and the following recession. Leveraging its experience as a representative of state interests, the bank focuses on working with large international corporations, logically leading to a change of ownership. Vneshtorgbank, another guardian of the traditions of cooperation between Russia and the global financial market, becomes the majority shareholder in 2000.
JSFC Sistema takes ownership of EWUB
The publicly traded investment company JSFC Sistema is a large and prominent private investor. It manages the strongest national companies and accounts for approximately 1 percent of the Russian economy.
One of the largest (106 million customers) telecom companies in Russia and the CIS.
A children’s goods retail chain with more than 700 stores all across Russia.
Largest pulp and paper holding company in Russia and leading paper packaging producer globally.
A Russian healthcare provider with 40 medical clinics and millions of customers.
An agricultural holding uniting the largest farming operations in the south of Russia with a total area of over 400,000 ha.
An online retailer leading the Russian e-commerce market.
In 2010, JSFC Sistema injects 50 million Euro into the bank’s equity, demonstrating confidence in the bank’s prospects and a commitment to its development.
Luxembourg — the business and financial center of Europe
The duchy that pioneered the unification of Europe in the early 20th century joins the Eurozone in 1999, and since then has been actively participating in creating a unified economic space in the region and taking the financial lead in the new Europe. The state abandons offshore economy and improves its legislation, creating favourable conditions for explosive growth of the financial sector and innovation development. All of these measures lead to the recognition of Luxembourg as one of the most attractive jurisdictions for doing business.
Luxembourg holds the highest AAA credit rating from three major international rating agencies.
Luxembourg is the second largest in the world and the largest in Europe investment funds centre with total funds volume of €4.3 trillion. European private banking hub with assets under management of €360 billion.
Corporate income tax rate — 26 percent. Tax breaks for companies investing in business. One of the lowest personal income tax rates in Europe.
Over 30 spacetech and 150 fintech companies operate in the country. Luxembourg is one of two countries in the world to pass legislation on space mining.
EWUB — strong bridge between the West and Russia
In 2015, new management team comes on board with former Minister of Economy and Foreign Trade Jeannot Krecke taking the lead as the Board Chairman. The bank approves a new strategy, focused on the development of private and transactional banking, thus beginning a new chapter in the history of the bank products.
Focus on private banking
The bank offers premium services to clients from all over the globe, including Russia and other former Soviet Union countries.
Direct bank platform
EWUB launches one of the first direct banks in Luxembourg — branded East West Direkt, a web-based platform for retail deposits. In two years this new service allows over 3000 clients from Germany and Luxembourg to open accounts in EWUB.
The bank launches trade finance for traders as well as export and import companies to settle accounts through trade finance transactions, letters of credit, bank guarantees or documentary remittance.
EWUB — active corporate citizen of Luxembourg
From the very beginning the bank ensures its active role in the social life of the dukedom. Support to local companies of national importance, renovation of architectural monuments, patronage to the Russian school of supplementary education «Kalinka», hosting cultural events representing Russia in Europe or Luxembourg in Russia — to name but a few of EWUB’s initiatives. In 2009 Vladimir Evtushenkov, the controlling shareholder of JSFC Sistema, became an Honorary Consul of Luxembourg to Russia. His role is to facilitate mutual investments and cultural exchange between the two countries.