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Emirates NBD, Bank Leumi to explore areas of cooperation Filed on September 16, 2020
A NEW BEGINNING: Shayne Nelson and Hanan Friedman signing the agreement while Hesham Abdulla Al Qassim and Dr Samer Haj-Yehia look on. - Supplied photo

Bank Leumi to explore areas of mutual economic and commercial cooperation.

Emirates NBD and Bank Leumi Le-Israel have signed a memorandum of under-standing (MoU) to explore areas of mutual economic and commercial cooperation.

This is the second agreement signed by Dubai's largest bank with Israeli lender this week to promote bilateral ties after the signing of a historic peace deal in Washington DC on Tuesday.

The Dubai-based leading banking group in the Middle East, North Africa and Turkey (Menat) region signed an agreement with Israel's biggest lender Hapoalim on Monday.

Emirates NBD's vice-chairman and managing director Hesham Abdulla Al Qassim, and group CEO Shayne Nelson formalised the agreement with Bank Leumi's chairman Dr Samer Haj-Yehia and president and CEO Hanan Friedman, in the presence of other senior officials.

"We look forward to working together with Bank Leumi to explore areas of mutual economic and commercial cooperation. Our agreement demonstrates a further strengthening of our relationship with Israel's banking industry, which will benefit our brand, our clients and the UAE economy, through new business and trade opportunities," Hesham Abdulla Al Qassim said.

Bank Leumi previously served as the central bank of Israel until 1954. It currently holds an approximate 30 per cent market share in the Israeli banking system. The signing, which marks Emirates NBD's second agreement with an Israeli bank, follows the start of a broader en-gagement between the UAE and Israel to further peace, dialogue and stability and promote sustainable development .

Dr Samer Haj-Yehia said the agreement signed today with Emirates NBD is building the foundations on which future large-scale cooperation between the business sectors of Israel and the UAE will emerge.

"We congratulate Israel's government for the breakthrough in strengthening our relations with the UAE. However, now is the time for implementation and for opening the economic channels that will ensure the realisation of the enormous potential between the two countries," he said.

Emirates NBD is Dubai's largest bank by assets and operates a significant Retail, Corporate and Institutional franchise in the UAE, Egypt, Turkey, KSA, India, Singapore, the United King-dom, Austria, Germany, Russia and Bahrain with representative offices in China and Indonesia. -

Staff Reporter

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