Dubai Investments acquires 9% stake in UK-based digital bank

  • Date: 27-Jan-2023
  • Source: The Gulf…
  • Sector:Technology
  • Country:UAE
  • Who else needs to know?

Dubai Investments acquires 9% stake in UK-based digital bank

Local News, News

Dubai / WAM

Dubai Investments PJSC (DIC) has acquired a 9% equity stake in Monument Bank Limited, a UK-based digital bank regulated by the Financial Conduct Authority (UK) and the Prudential Regulation Authority (UK). Monument Bank is focused on the ‘mass affluent’ segment in the UK and aims to provide core banking and other related services to help clients prosper and optimise their time by offering smart, efficient and flexible solutions.

Khalid bin Kalban, Dubai Investments’ Vice Chairman and CEO, said that the acquisition provides DIC a unique opportunity to foray into the digital banking space in one of the most advanced and regulated markets.

The CEO of Monument Bank, Ian Rand, said that with this investment and partnership with Dubai Investments, they will accelerate the scale-up of their UK business, launch innovative solutions, and grow their market share while also leveraging their technology with partners and clients around the world.

Mintoo Bhandari, Head of Institutional Relationships and Founder of Monument Bank, said, “We believe that we are uniquely positioned to take advantage of the trends and opportunities that are continuing to emerge in our home market,

Follow the conversation