On Wednesday, the ALEBA, LCGB and OGBL unions issued a joint press release announcing the signature of a social plan for the East-West United Bank, a Russian banking establishment. Between 32 and 44 of the bank’s 80 employees will be affected. The bank’s activities primarily focus on wealth management and concluding transactions for its Russian-speaking clients.
Roberto Mendiola, president of the ALEBA union, told RTL the geopolitical context resulting from the war in Ukraine could have other repercussions on the situation for Russian financial institutions in Luxembourg in particular.
“We obviously expect it because the banks have a loss of customers in any case, linked either directly or indirectly to the sanctions. So there is a loss that is likely to happen, but it is very difficult to say whether it will put the bank in the balance. I do not have these details so I cannot answer you.”
East-West United Bank has been established in Luxembourg for 45 years.
