(Bloomberg) -- First Abu Dhabi Bank PJSC plans to start talks with Bank Hapoalim and Bank Leumi to forge cooperation in the financial sector as the United Arab Emirates and Israel normalize their relations.
“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,” First Abu Dhabi Bank said in a tweet.
The decision follows the signing of a memorandum of understanding between the UAE central bank and the Israeli Prime Minister's Office, the UAE biggest lender said.
The UAE and Israel started normalizing relations last month. As part of the process, El Al Israel Airlines Ltd. on Monday operated an unprecedented commercial flight to the UAE with senior U.S. and Israeli officials aboard.
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