Dubai – Mubasher: Emirates NBD has signed a Memorandum of Understanding (MoU) with Bank Leumi Le-Israel, as part of the agreement between the UAE and Israel to further peace, dialogue, and stability, according to the Dubai media office.

This MoU marks the second agreement inked between the leading banking group in the Middle East, North Africa, and Turkey (MENAT) region and an Israeli bank.

Bank Leumi, which currently holds an around 30% market share in the Israeli banking system, is one of Israel's longest-standing banks, as it was the central bank of Israel until 1954.

The Vice Chairman and Managing Director of Emirates NBD, Hesham Abdulla Al Qassim, said: "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.”

Meanwhile, the Chairman of Bank Leumi, Samer Haj-Yehia, noted: "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."

It is noteworthy to mention that on Tuesday, 14 September, Emirates NBD penned a MoU with Israel's Bank Hapoalim to advance the banking and financial cooperation between the UAE and Israel.