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Leumi, Israel's second-biggest bank, last month signed memorandums of understanding with FAB as well as Emirates NBD, saying the agreements would help enable the countries to implement economic relations.

It said on Wednesday the guarantee came at the request of Tal Aviation, which represents several international airlines in Israel. Tal signed a cooperation deal with Etihad Airlines that will enable Israelis to fly on Etihad with connections in Jordan, Turkey or Greece.

The bank guarantee to FAB – one of the largest banks in the Middle East – would ensure payments for flight tickets purchased by Tal Aviation on Etihad, Leumi said.

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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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