First Abu Dhabi Bank to start talks with Israeli lenders

First Abu Dhabi Bank plans to start talks with Bank Hapoalim and Bank Leumi to forge cooperation in the financial sector as the United Arab Emirates and Israel normalise their relations.

“The discussions will look to establish banking relationships that will strengthen financial and economic cooperation between UAE and Israel, focusing on correspondent banking, bilateral trade, and technology and innovation,” First Abu Dhabi Bank said in a tweet.

Following the signing of a Memorandum of Understanding between the UAE Central Bank and the Israeli Prime Minister’s Office, First Abu Dhabi Bank (FAB) will open discussions with leading financial institutions in Israel, namely Bank Hapoalim and Bank Leumi.

— FAB Connects (@FABConnects) September 1, 2020

The decision follows the signing of a memorandum of understanding between the UAE central bank and the Israeli Prime Minister’s Office, the UAE biggest lender said.

The UAE and Israel started normalising relations last month.

As part of the process, El Al Israel Airlines Ltd. on Monday operated an unprecedented commercial flight to the UAE with senior US and Israeli officials aboard.

Watch: First direct commercial flight from Israel to the UAE lands in Abu Dhabi