Leading Israel, UAE banks sign cooperation agreement

Bank Hapoalim, one of Israel’s largest, announced that it has signed a cooperation agreement with Emirates NBD, a top bank in the United Arab Emirates (UAE).

“The memorandum of understanding signed by the two banks is a historic step, in which they will deepen cooperation as part of the strengthening of economic relations between Israel and the UAE,” Xinhua news agency quoted Bank Hapoalim as saying in a statement on Monday.

“The agreement with a leading bank in the UAE is a groundbreaking achievement that allows Israeli clients to operate directly in the UAE and later in other countries,” said Dov Kotler, CEO of Bank Hapoalim.

Shayne Nelson, CEO of Emirates NBD, hailed the agreement with Bank Hapoalim as an opportunity for the UAE bank to “strengthen leading position in the MENAT region (Middle East, North Africa and Turkey)”.

On August 13, Israel and the UAE announced a US-brokered deal to normalize their ties.

The deal is scheduled to be signed on Tuesday at the White House.