The UAE Banks Federation, a professional body that represents 49 member banks operating in the UAE, has become an associate member of the British Bankers’ Association (BBA) to strengthen ties between the banking sectors in both countries.
The BBA has 200 member banks headquartered in over 50 countries with operations in 180 jurisdictions worldwide. Its network also includes over 80 of the world’s major financial and professional services firms and its members manage more than £7 trillion in UK banking assets.
The partnership aims to enable the federation and its members to take advantage of international best practice and expertise in its role of assisting and advocating the development of the banking sector in UAE.
Under the agreement, committees of the two associations will co-operate on areas of mutual interest such as compliance, anti-money laundering and financial crime, SME lending and digital banking.
The UAE Banks Federation will also gain access to reports and research papers compiled by the BBA and its specialised committees.
UAE Banks Federation chairman AbdulAziz Al Ghurair said: "This agreement allows us to access the latest thinking and researches that the Association is doing into many issues of the day affecting the international banking industry.
"We look forward to working with our counterparts in many different ways, including joint meetings and inviting specialists to attend our committees and other events to guide and support our own work."
BBA CEO Anthony Browne said: "I am very pleased that we have reached an agreement with the UAE Banks Federation to share expertise and further strengthen the already close links between our two banking sectors. The UAE is an important financial hub and this agreement will help to ensure that we remain up to speed on high priority issues in both markets."
The partnership with the BBA complements co-operation agreements that the UAE Banks Federation already has with the Korea Federation of Banks and the Italian Banking Association, both initiated in 2013.