JERUSALEM: Israel’s largest bank announces on Monday that it had signed an agreement with the biggest bank in Dubai ahead of the establishment of formal diplomatic ties between Israel and United Arab Emirates.
Israel and UAE had signed a banking and finance Memorandum of Understanding this month, making a way of economic and business cooperation between the two countries.
Bank Hapoalim said in a statement that it had signed the agreement with Emirates NMD last week.
Dov Kotler, Hapoalims CEO, led an Israeli business delegation to the UAE last week and met with the top Emirati business leaders. He said in a statement that this agreement would allow the Israeli clients direct transactions in the UAE and other countries.