On 7 February 2024, the Luxembourg district court has ordered the liquidation of East-West United Bank S.A. (hereinafter “EWUB”). Please refer to Press release concerning East-West United Bank S.A. – CSSF. In accordance with Article 171(1) of the law of 18 December 2015 on the failure of credit institutions and certain investment firms, the Fonds de garantie des dépôts Luxembourg (FGDL) covers all eligible deposits of each depositor up to EUR 100,000, regardless of the number of deposits, their currency and their origin or place of residence of the depositor.
Depositors retain their rights to deposits, which are not reimbursed by the FGDL.
The reimbursement process
EWUB has the responsibility to transmit to the FGDL all the information required for the calculation of the reimbursement, as well as the depositors’ contact data, without the customer having to intervene. Each eligible depositor will receive within the next few days an information letter accompanied by a form by mail. Depositors are requested to follow the instructions provided in an annex to the form, and to return the completed and signed form to the FGDL. The form allows depositors to provide the FGDL with a banking account number at another bank to which the reimbursement will be transferred.
The FGDL shall make the reimbursement of covered deposits by bank transfer in euros within seven working days, provided that the depositor has communicated a new banking account number to the FGDL and that the entitlement to the reimbursement has been established. The repayment period is three months in the cases indicated in Article 176, paragraph (2) of the abovementioned law, and the repayment may be deferred in the cases listed in Article 176, paragraphs (6) and (7) of the said law.
The entitlement to a repayment by the FGDL lapses ten years after the date on which the court ordered the liquidation, in accordance with Article 176, paragraph (8) of the aforementioned law.
Depositors of EWUB who have not received a letter until 19 February 2024 are kindly asked to contact the FGDL by e-mail (email@example.com), by telephone (+ 352 27 02 21), or by mail to the following address:
Fonds de garantie des dépôts Luxembourg
283, route d’Arlon
In case of questions, depositors are invited to peruse the information provided in the depositor’s corner and in the Frequently asked questions on the FGDL’s website (www.fgdl.lu). For questions that remain unanswered, depositors may contact the FGDL through the previously mentioned channels.