Bank Hapoalim and Bank Leumi to Forge Cooperation in the Financial Sector

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

UAE and Israel started normalizing relations last month. As part of the process, El Al Israel Airlines on Monday operated an unprecedented commercial flight to the UAE with senior US and Israeli officials aboard. UAE and Israel are expected to sign the US-brokered accord, Israel’s first with a Gulf nation and only it’s third with an Arab state, at the White House in coming weeks. The US is on a diplomacy drive to push more Arab nations to strike deals with Israel. Although none have yet announced such moves, Kushner said he hoped another would emerge soon.

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