On Monday, Israel's largest lender, Bank Hapoalim, said it had signed a memorandum of understanding with Emirates NBD, Dubai's largest bank.

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Israel and the UAE signed a banking and finance memorandum of understanding earlier this month, paving the way for economic and business cooperation between the two countries.

Bank Hapoalim said in a statement that it had signed the agreement with Emirates NBD last week. Dov Kotler, Hapoalim's CEO, led an Israeli business delegation to the UAE last week and met with top Emirati business leaders. He said in a statement Monday that the agreement would allow Israeli clients direct transactions in the UAE and other countries.

Emirates NBD CEO Shayne Nelson said in a statement that the agreement with Hapoalim "will open new business and trade opportunities for our clients and further enhance our leading position as a trusted banking partner to businesses across the MENAT region."

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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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Aflac Global Ventures, Bank Hapoalim, Capital Markets, Viola, Oak HC/FT, Harvey Golub – the former CEO of American Express – Clal Insurance, and Siam Commercial Bank participated in the round.

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Pagaya manages over $1.6 billion of assets for banks, insurance companies, pension funds, asset managers, and sovereign wealth funds using AI.

In May, Pagaya issued a $200 million consumer credit asset-backed security, the firm's seventh deal to date. Its total ABS issuance has exceeded $1 billion in a year and a half.

The company will use the investment to hire more data scientists, develop its technology further and pursue new asset classes, such as real estate and other fixed-income assets like auto loans, mortgages, and corporate credit.

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The case was brought to the public's attention last year in February, but only on Sunday did the Polie and the Israel Securities Authority recommended that Arison be indicted.

Arison and several executives of the company Shikun & Binui (Housing & Construction), the largest construction conglomerate in Israel, are accused of bribery, a criminal offense that has only lately been enforced among Israel's business community.

"This is a complex investigation, in which 50 suspects were interrogated and 34 testimonies were taken," the police's Lahav 433 Major Crimes Unit said.

At least 19 Kenyan citizens have been arrested in connection with the investigation, which is being carried out in conjunction with the Kenyan police.

"Bribes totaling tens of millions of shekels were transferred, which generated jobs and benefits measured in hundreds of millions of shekels," the police statement added.

Shikun & Binui's business ventures in Kenya mainly involve road construction and maintenance.

Arison is the daughter of Ted Arison, who founded Carnival Cruise Lines, and was the major force behind Bank Hapoalim, the largest bank in Israel. Her personal worth is estimated at some $5 billion.

This article was originally published by i24NEWS. Read more at https://www.i24news.tv/en.

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