UAE Banks Federation Explores Opportunities With Italy

The UAE Banks Federation, UBF, has discussed bilateral relations between the banking sectors of the UAE and Italy, and explored mutual opportunities for their respective financial institutions to work together

DUBAI, (UrduPoint / Pakistan Point News / WAM - 17th Apr, 2019) The UAE Banks Federation, UBF, has discussed bilateral relations between the banking sectors of the UAE and Italy, and explored mutual opportunities for their respective financial institutions to work together.

This came during a roundtable session hosted by the UBF for a high-level Italian delegation, which brought together over 25 banks and financial institutions from both the UAE and Italy. Other key topics discussed were the latest developments affecting European and middle East economies, as well as key developments across the sector in both countries.

The roundtable discussion was attended by top executives from the banking industry of both countries. The Italian delegation was led by Liborio Stellino, Italian Ambassador to the UAE; Guido Rosa, Chairman of the International Affairs Committee, ABI; Sergio Longoni, Financial Attaché, Central Bank of Italy; as well as other high-profile delegates representing key banking and financial institutions in Italy.

Attendees from the UAE were headed by Jamal Saleh, Director General of UBF; James O’Brien, Head of Regulatory Development, Central Bank of the UAE; and senior executives and decision makers from 13 leading banks in the UAE.

During the meeting, UBF and the UAE Central Bank presented an overview of the current situation and latest developments in UAE banking sector, highlighting the collective role in sculpting a positive banking environment across the country, introducing various initiatives that aim at benefitting the banking system and local economy in the long term.

A UAE delegation highlighted key initiatives, launched over the last few years, that worked toward ensuring best practice measures being efficiently implemented, and how UAE banks have been actively laying the groundwork for digital infrastructure, adapting latest technology, to undertake numerous digital banking initiatives.

Jamal Saleh said, "We are pleased to host the esteemed Italian Delegation. The roundtable session was an effective platform witnessing fruitful discussions to explore opportunities and potential initiatives that could contribute towards enhancing cooperation within the banking sector of both countries.

"UBF’s strategic partnership with ABI has produced valuable shared insights, knowledge, and expertise, and has been of added-value to both parties facilitating a new era of development in the banking sector. This ongoing unprecedented growth is being driven by technological transformation, and to manage it effectively, it is imperative that we continue to explore potential collaborations and learn from our counterparts across the globe," he added.

The UAE Banks Federation previously signed a Memorandum of Understanding, MoU, with the Italian Banking Association in 2013.