UAE Banks Federation signs MoU with Italian Banking Association
Abu Dhabi, 7 October 2013:UAE Banks Federation, the professional representative body of the 50 member banks operating in the UAE which promotes the development of the UAE’s banking industry, has signed a Memorandum of Understanding (MoU) on areas of co-operation with the Italian Banking Association (Associazione Bancaria Italiana).
The MoU was signed today (Monday, October 7th, 2013), during the UAE-Italy Business Forum, held in Abu Dhabi Chamber of Commerce & Industry, by Mr. Nasser Sarris, General Manager of UAE Banks Federation, and Mr. Guido Rosa, Member of the Executive Committee in charge of International Affairs, ABI.
Under the agreement, both parties have agreed to co-operate on mutual banking industry activities, including the exchange of information about policies and procedures they follow, conducting workshops, as well as launching training programs. The Federation and ABI have also discussed establishing channels to support the business development of their member banks in each other’s countries, in addition to co-operating in other banking industry related activities where possible and mutually agreed.
Mr. Sarris said: “This agreement underlines the significant flow of trade and other business that exists between the UAE and Italy, which the two countries’ banks help to facilitate. In 2012, this grew by AED 7.4 billion to AED 32.3 billion. There are over 90 Italian companies operating in the UAE, and we believe that the more we co-operate with each other the more we will be able to do to help our respective banks identify and open up further avenues of business. The agreement also paves the way for regular talks to help us identify ways to enhance co-operation in future.”
The signature of the agreement reflects UBF’s strategy to establish and maintain professional relationships with international banking associations, in order to develop member banks operations according to international best-practice. In January the Federation signed a similar pact with the Korea Federation of banks, and it is in talks with other associations on potential areas of co-operation.