The IBFed has signed a memorandum of understanding with the Union Arab Banks (UAB), a regional Arab organization headquartered in Beirut, created under the umbrella of the Arab Organization for Administrative Development, establishing a regional Arab union that operates within the framework of the unions emanated from the League of Arab States.

The Memorandum of Understanding aims to facilitate exchanging information about regulatory developments in various jurisdictions, discussion of views and best practices, advocating cooperation at global level and with international organizations, and conducting regular dialogue meetings between the IBFed and the UAB.

The UAB’s Secretary General, Dr. Wissam H. Fattouh affirmed the Union’s keenness to establish a global platform with the International Banking Federations in order to to strengthen the interregional banking relations, share best practices, and promote economic development.

The IBFed’s Managing Director, Ms. Hedwige Nuyens welcomed the signature of the Memorandum of Understanding as this is a key opportunity to build relationships between the International Banking Federation and the Union of Arab Banks, exchange on strategic developments and evidence the important contribution of the banking industry to economic growth.