DUBAI, UAE – Dubai Investments PJSC (DIC) acquired a 9% equity stake in Monument Bank Limited, a UK-based digital bank.
Monument Bank targets UK’s ‘mass affluent’ and aims to provide core banking and other related services to clients.
Khalid bin Kalban, Dubai Investments’ Vice Chairman and CEO, said that the acquisition provides an opportunity to enter the digital banking space in one of the most advanced and regulated markets.
Monument Bank’s CEO Ian Rand said that the partnership will help to enhance its UK business and launch innovative solutions.
Also, it is likely to grow its market share and leverage their technology with partners and clients globally, he added.
Mintoo Bhandari, Head of Institutional Relationships and Founder of Monument Bank, said the partnership “can help us advance our strategic plans by leveraging our technological capabilities to extend our operations and spheres of influence” globally.