Israel's largest lender Bank Hapoalim expects to start working with banks in the United Arab Emirates once the two countries sign a normalization agreement, its chief executive said on Wednesday.
Hapoalim CEO Dov Kotler said a correspondent banking relationship facilitating direct money transfers between the countries would help develop trade and business ties.
"I believe that after the governments sign the agreement next week we will be able to work with the banking system here," he told Reuters during a visit to the UAE.
Kotler is leading an Israeli business delegation on a two-day visit to the UAE as the two countries develop bilateral economic relations.
"We are here to build trust before talking business. In order to build trust I believe we have to meet face to face and that is what we are doing," he said.
The UAE's largest lender First Abu Dhabi Bank has said it would open discussions with Hapoalim and Bank Leumi , another Israeli bank.
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