Abu Dhabi Islamic Bank has signed a memorandum of understanding with Bank Leumi, one of Israel’s largest banks.
ADIB said in a statement on Thursday (September 17) that the MoU 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 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,” said ADIB.
The MoU is aligned to the economic and commercial goals set out in the Abraham Accords between the UAE and Israel that was signed on Tuesday (September 15).
Emirates NBD has also signed a preliminary agreement with Israeli Bank Hapoalim. The agreement will allow Israeli clients to transact directly in the UAE.
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