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.
About the UAE Banks Federation
Established in 1982, the UAE Banks Federation is a professional representative body comprising 50 member banks operating in the UAE. The Federation advocates all banks' interests and enhances cooperation and coordination among them.
The UAE Banks Federation aims to promote and upgrade the UAE's banking industry for the benefit of the banking sector, its customers, and the national economy. The organization's mission and objectives are focused on developing and representing the interests of the member banks and promoting the development of the banking sector as a whole. It facilitates the exchange of banking and financial information, and coordinates cooperation around banking procedures and legal, technical and administrative issues. The Federation plays a major role in raising public awareness of the beneficial role and distinctive financial, economic and social contribution of the banks to the UAE.
The Federation has an Advisory Council consisting of Bank CEOs, which oversees the implementation of policies, follows up on UBF's activities and makes necessary decisions. It also has a steering committee and eleven specialized technical committees, covering all relevant banking issues.