Israeli, UAE leading banks sign cooperation agreement after peace deal

Bank Hapoalim, one of Israel’s largest banks, announced on Monday 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,” said Bank Hapoalim in a statement.

“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, hails 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).”

Israel and the UAE agreed to normalize their relations in mid-August and are expected to sign the normalization agreement at the White House on Tuesday.