Dubai's Emirates NBD confirms historic MoU with Israeli Bank Hapoalim

The Dubai-based bank today confirmed it had signed a Memorandum of Understanding with one of Israel's largest banks

  
A view of Emirates NBD head office in Dubai, UAE January 30, 2018. Image used for illustrative purpose.

A view of Emirates NBD head office in Dubai, UAE January 30, 2018. Image used for illustrative purpose.

REUTERS/Satish Kumar

Emirates NBD has signed a Memorandum of Understanding (MoU) with the Israel-based Bank Hapoalim, the Dubai-based lender confirmed today.

No other details of the MoU were released by the bank in its brief statement to Dubai Financial Market, but it is the latest in a series of ties created between the UAE and Israel.

Earlier this week, Reuters reported the first banking agreement between lenders in Israel and the UAE since the US-brokered deal to normalise relations between the two countries, which was announced at the end of last month.

A statement from the Tel Aviv-based bank said: “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 announcement by Emirates NBD comes just hours after the UAE and Israel, along with Bahrain, joined US President Donald Trump to sign the normalisation deal at the White House.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

(imogen.lillywhite@refinitiv.com)

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