Move aimed at boosting the two countries’ shared objective of enhancing economic and commercial engagement.
Emirates NDB, Dubai’s largest bank, signed a memorandum of understanding (MoU) with Israel’s Bank Hapoalim, the country’s largest lender, a statement from Hapoalim said on Monday.
The statement said that the MoU “marks a historic first as the banks look to further cooperation ties following the establishment of financial and economic relations between the United Arab Emirates and Israel.”
The MoU was formalised by Emirates NBD’s Vice-Chairman and Managing Director, Hesham Abdulla Al Qassim, Group CEO Shayne Nelson and Bank Hapoalim’s CEO, Dov Kotler, in the presence of other senior officials. The MoU is part of a broader engagement between the UAE and Israel to further peace, dialogue and stability and establish cooperation to promote sustainable development.
Shayne Nelson, Group CEO, Emirates NBD said: “We are pleased to sign this agreement, which will support the two countries’ shared objective of enhancing economic and commercial engagement. The MoU will open new business and trade opportunities for our clients and further enhance our leading position as a trusted banking partner to businesses across the MENAT region.”
Dov Kotler, CEO of Bank Hapoalim, said the agreement with a leading bank in the UAE is a breakthrough achievement that will allow Israeli clients to transact directly in the UAE and subsequently in other countries. “It is a great honour to be the first bank to sign such an agreement that will contribute to the establishment of the relationship between the two countries.”
Emirates NBD is Dubai’s largest bank by assets and operates a significant retail, corporate and institutional franchise in the UAE, Egypt, Turkey, Saudi Arabia, India, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain. It also has representative offices in China and Indonesia.
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