Israel’s Leumi signs deals with FAB, Emirates NBD

Business Editor

Israel’s Bank Leumi signed memorandums of understanding (MoUs) with First Abu Dhabi Bank (FAB) and Emirates NBD yesterday, according to news agencies.

Israel’s biggest bank Bank Hapoalim signed an MoU with Emirates NDB on Monday.

Bank Leumi said yesterday it had signed memorandums of understanding with FAB and Emirates NBD, hours before Israel and the UAE signed agreements toward normalising relations Reuters reported.

Bank Leumi said its agreements with the UAE banks would help enable the countries to implement economic relations. In a symbolic act, it said it had transferred $180 (Dh660) to each bank.

Leumi, Israel’s secondbiggest bank, said it had been approached in recent weeks by dozens of clients seeking to transfer funds to and from the UAE. Until now, they had to do this through European banks, Leumi said. According to the MoUs, the banks agreed to advance ties with financial institutions in both countries.