East-West United Bank - Luxembourg
10 , bd Joseph II
T: +352 2531531
What were the intentions of the shareholders when establishing EWUB on June 12th 1974?
Events first began with a Ministerial meeting between the Soviet and Luxembourg governments during which Mr Pierre Werner, the then Prime Minister of Luxembourg, suggested the establishment of a Soviet banking presence in Luxembourg.
If we recall, at the beginning of the 1970s, Luxembourg was in the process of diversifying its industrial and commercial base from its heavy reliance on the iron and steel industry. The Luxembourg financial centre was developing and the Soviet Union had a banking presence in all the major European centres, except for the Benelux countries (Belgium, the Netherlands and Luxembourg). Soon thereafter the decision was taken, and EWUB became one of the first foreign banks in Luxembourg, developing commercial relations between the Benelux countries and the Soviet Union.
The Bank’s official inauguration took place in autumn 1974 and among the many prominent guests present at this inauguration were Mr Pierre Werner, respected members of the international banking and financial community representing the “East” and the “West”, representatives of Ministries, the Commissariat de Contrôle des Banques and the Chamber of Commerce, together with official delegations from the Soviet Union and representatives of the shareholders.