UAE’s Abu Dhabi Islamic Bank (ADIB) has signed a memorandum of understanding (MoU) with Israel’s Bank Leumi, as the two countries normalised diplomatic ties, Reuters reported.
Under the MoU, the companies will look at future cooperation in both the countries as well as other international markets.
Go deeper with GlobalData
In a statement, ADIB said that the partners will open new business and trade opportunities for customers and support individuals traveling to Israel, the report added.
Moreover, the deal will also benefit the businesses by providing them access to new markets, the bank said.
Recently, Bank Leumi also signed MoUs with both First Abu Dhabi Bank (FAB) and Emirates NBD, after the peace deal.
Emirates NDB inked a memorandum of understanding (MoU) with Israel’s largest lender Bank Hapoalim, the Reuters report added.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataJordan-based Capital Bank commenced due diligence to buy Lebanon-based Bank Audi’s businesses in Jordan and Iraq.
Last week, Bahrain’s Bank ABC began preliminary talks to acquire Blom Bank’s Egypt unit.
Meanwhile, FAB is planning to resume talks to acquire Bank Audi’s Egyptian business. The bank had halted the talks in May due to Covid-19-related uncertainties.
Earlier this month, FAB also reportedly began talks with Bank Hapoalim and Bank Leumi to form cooperation in the financial sector as the UAE and Israel normalised their diplomatic ties.
This comes close on the heels of Bank Leumi entering into preliminary discussions with Emirates NBD to forge a partnership after the peace agreement.
Last month, Reuters reported that Blom Bank is considering the sale of its Egyptian business for up to $300m.
In the same month, a report said that Emirates NBD is planning to buy the assets of Bank Audi Egypt and the assets of Lebanon’s Blom Bank.
