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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