Social plan signed at East-West United Bank S.A.

The trade unions ALEBA, OGBL and LCGB have been invited to negotiate a redundancy plan that will affect 32 to 44 of the 80 employees of East-West United Bank S.A. (EWUB), which has been based in Luxembourg for over 45 years.

The Bank is facing unprecedented challenges due to the geopolitical context of the war in Ukraine. The Bank's business activities are significantly focused on Russian-speaking clients providing wealth management services and transactions. To ensure a sustainable existence and to protect jobs as far as possible, EWUB must adapt its structure, including its workforce, to the decline in business and income and must reduce staff through collective redundancies.

In this uncertain context for the bank, negotiations between the unions and the employer were tense, but finally an agreement was reached on 25 October 2022.
The trade unions, whose priority was to defend and protect the interests of the employees concerned, succeeded in obtaining social support measures and extra-legal compensation for the employees concerned.

Communicated by the unions on 9 November 2022.