Dubai Investments, an investment company listed on the Dubai Financial Market, acquired a 9% equity stake in Monument Bank Limited, a UK-based digital bank regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
“Investment in Monument Bank provides the Group a unique opportunity to foray into the Digital Banking space in one of the most advanced and regulated markets at an early stage. The accelerated global shift to digital banking has been very positive for neo banks. The growth has been fueled by waves of customers who have embraced digital banking’s expanded product suite. With Monument Bank combining traditional and established banking products with innovative solutions, the Group is looking forward to being a part of the evolving and the continued growth phase of digital banks while expanding horizons and diversifying strategically,” Khalid Bin Kalban, Dubai Investments’ Vice Chairman and CEO, said.
Monument Bank focuses on the overlooked mass affluent segment in the UK and provides core banking and smart, efficient, and flexible solutions and leveraging digital capabilities to expand globally.
“We are very pleased to have Dubai Investments as a strategic investor in Monument and look forward to building a deep relationship over the coming months and years. We believe that we are uniquely positioned to take advantage of the trends and opportunities that are continuing to emerge in our home market and believe that our partners at Dubai Investments can help us advance our strategic plans, leveraging our technological capabilities, to extend our operations and spheres of influence in other markets around the world,” Mintoo Bhandari, the Head of Institutional Relationships and Founder of Monument, said.
The bank is currently working on a broader suite of products and services that can help make mass affluent lives easier, both in the UK and globally, and underpinning the bank’s initiatives are fundamentally innovative technology.
Alpen Capital (ME) Limited, a financial advisory firm in Dubai is the advisor to the transaction.
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