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Dubai Investments buys 9% stake in British digital bank

Dubai Investments CEO says the acquisition provides an opportunity to foray into the digital banking space

Dubai Investments has acquired a nine percent equity stake in Monument Bank Limited, a UK-based digital bank, the Dubai Financial Market-listed said in a statement.

Monument Bank is focused on the “mass affluent” segment in the UK and aims to provide core banking and other related services.

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

Monument Bank CEO Ian Rand noted that the Dubai Investments deal will accelerate the scale-up of their UK business, launch innovative solutions, and grow their market share.

Mintoo Bhandari, head of institutional relationships and founder of Monument Bank, added: “We believe that our partners at Dubai Investments can help us advance our strategic plans by leveraging our technological capabilities to extend our operations and spheres of influence in other markets around the world.”