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Dubai Investments, an investment company listed on the Dubai Financial Market (DFM), has acquired an additional 7.68% equity stake in the UK-based digital bank, Monument Bank Limited.
The latest investment, subject to regulatory approvals, will increase the UAE-based group’s holding in the bank from 9.25% to 16.93%. The move comes months after Dubai Investments acquired an initial stake in the digital bank in January.
In a statement, Khalid Bin Kalban, Vice Chairman and CEO, Dubai Investments, said the move “solidifies” the group’s presence in the digital banking landscape and paves the way to “foster international collaborations.”
Monument Bank CEO Ian Rand added that the bank’s growth has been accomplished by “serving the overlooked ‘mass affluent’ segment in the UK,” with plans to expand to other markets. “The business’ growth continues to accelerate, with savings balances exceeding 700 million British pounds ($859.2 million), 383% growth year to date. Our proposition and quality of service has successfully attracted mass affluent clients, with our average balance now over £60,000….”
Monument Bank also recently concluded its Series B round of investments, raising over £40 million.
(Writing by Bindu Rai, editing by Brinda Darasha)
