First Abu Dhabi Bank (FAB) is set to begin talks with Bank Hapoalim and Bank Leumi to form cooperation in the financial sector as UAE and Israel normalized diplomatic ties, Bloomberg reported.

The report comes close on the heels of Bank Leumi entering into preliminary discussions with Emirates NBD last week to forge a partnership after the peace deal.

In August, UAE and Israel officially announced that they have inked a US-brokered deal to begin the normalization of relations.

The landmark peace deal between the two countries has opened up opportunities for both the countries to partner up on various issues starting from security to trade.

FAB’s decision comes after a memorandum of understanding (MoU) was signed between both the countries, the report added.

On its Twitter handle, FAB said: “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.

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.

Company Profile – free sample

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 GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“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.”

However, no decisions have been made by the two companies yet.

Following the peace accord, discussions regarding collaborations between various companies, from startups to airlines have also begun.

It has been speculated that this peace accord could also influence other countries to follow suit on normalization.