Emirates NBD & Bank Hapoalim’s MoU is a historic first

By Rahul Vaimal, Associate Editor
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Emirates NBD
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One of the prominent bank of the MENAT ( Middle East, North Africa and Turkey) region Emirates NBD, has signed a Memorandum of Understanding (MoU) with Israel’s Bank Hapoalim.

The MoU was validated by Emirates NBD’s Group CEO Shayne Nelson and Vice Chairman and Managing Director, Hesham Abdulla Al Qassim and the CEO of Bank Hapoalim, Dov Kotler along with other senior officials.

The agreement is significant for ensuring further commitments in future between the countries for maintaining cooperation to promote sustainable development as well as for peace and stability.

Shayne Nelson
Shayne Nelson, Group CEO
Emirates NBD

“ We are pleased to sign this agreement, which will support the two countries’ shared objective of enhancing economic and commercial engagement. The MoU will open new business and trade opportunities for our clients and further enhance our leading position as a trusted banking partner to businesses in the MENAT region.”

The CEO of Bank Hapoalim, Dov Kotler stated that it is a great achievement for the bank to ally with one of the leading banks in the UAE and will benefit the Israeli customers to make direct transactions in the UAE and eventually in other countries also.

Mr. Kotler also expressed their privilege in becoming the first bank to sign an agreement that would initiate further relationships between the nations.

The First Bank of Abu Dhabi (FAB), the largest bank by assets in UAE has also revealed their plan to open discussions with Bank Hapoalim and Bank Leumi for financial cooperation 

FAB will start talks with the two Israeli banks after the MoU between the UAE Central Bank and Israeli Prime Minister’s Office.