Leading UAE banks establish ties with Israeli banks

Latest is ADIB-Bank Leumi MoU, ENBD signs deal with two Israeli banks

ABU DHABI: Leading banks from the UAE and Israel are hurrying to establish bilateral business relations hardly weeks after both countries signed a historic deal to normalise relations between both.

And the latest in the series is the memorandum of understanding (MoU) signed between Abu Dhabi Islamic Bank (ADIB), the biggest Islamic bank from Abu Dhabi and Bank Leumi, one of the leading financial institutions in Israel.

During the past one week, while Emirates NBD, the largest bank in Dubai and the second largest UAE bank, signed memorandums of understanding (MoUs) with Bank Hapoalim and Bank Leumi, First Abu Dhabi Bank (FAB), the UAE’s largest bank, signed MoU with Bank Leumi in a view to strengthening the banking relations between the two in both markets.

Bank Hapoalim and Bank Leumi are the two largest banks in Israel. Abu Dhabi Islamic Bank (ADIB) said in a statement that the MoU will help the bank explore areas for future cooperation in the UAE, Israel and other international markets.

“The MoU will open new business and trade opportunities for customers, and it supports their banking needs as individuals travelling to Israel or businesses looking to benefit from access to new market,” ADIB said.

The MoU, which was signed by Khamis Buharoon, ADIB’s Vice Chairman, and Hanan Friedman, President and Chief Executive Officer of Bank Leumi, is aligned to the economic and commercial goals set out in the Abraham Accords between the UAE and Israel.

“The MoU signed by ADIB and Bank Leumi will enable both banks to work together to serve organisations in the UAE and Israel with banking services such as cash management, trade finance, corporate accounts, and foreign exchange solutions,” the ADIB statement added.

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