UAE Banks Federation (UBF) hosted a high calibre Italian delegation for a roundtable session, bringing together over 25 banks and financial institutions from both UAE and Italy, to discuss bilateral relations between the banking sectors of the two countries, and explore mutual opportunities for their respective financial institutions to work together. 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 high caliber 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 Attachè, 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 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. 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, Director General of UBF, 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."
"We look forward to continuing this cooperation with ABI and the accompanying banks, particularly in the areas of digitization, regulatory frameworks, and relevant measures for foreign intermediaries” Saleh concluded.
UBF has signed a Memorandum of Understanding (MoU) with the Italian Banking Association in 2013. Both parties 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. UBF and ABI have also previously 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, wherever it is possible and mutually agreed.