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First Abu Dhabi Bank (FAB) is set to begin talks with Bank Hapoalim and Bank Leumi to form cooperation in the financial sector as UAE and Israel normalized diplomatic ties, Bloomberg reported.

The report comes close on the heels of Bank Leumi entering into preliminary discussions with Emirates NBD last week to forge a partnership after the peace deal.

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In August, UAE and Israel officially announced that they have inked a US-brokered deal to begin the normalization of relations.

The landmark peace deal between the two countries has opened up opportunities for both the countries to partner up on various issues starting from security to trade.

FAB’s decision comes after a memorandum of understanding (MoU) was signed between both the countries, the report added.

On its Twitter handle, FAB said: “Following the signing of a Memorandum of Understanding between the UAE Central Bank and the Israeli Prime Minister’s Office, First Abu Dhabi Bank (FAB) will open discussions with leading financial institutions in Israel, namely Bank Hapoalim and Bank Leumi.

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“The discussions will look to establish banking relationships that will strengthen financial and economic cooperation between UAE and Israel, focusing on correspondent banking, bilateral trade, and technology and innovation.”

However, no decisions have been made by the two companies yet.

Following the peace accord, discussions regarding collaborations between various companies, from startups to airlines have also begun.

It has been speculated that this peace accord could also influence other countries to follow suit on normalization.