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Dubai Investments ups stake in UK digital bank

Dubai Investments now has a 16.9% stake in the UK's Monument Bank Unsplash.com
Dubai Investments now has a 16.9% stake in the UK's Monument Bank

Dubai Investments has upped its stake in Monument Bank Limited, a UK-based digital bank, to 16.93 percent by acquiring an additional 7.68 percent.

The company acquired a 9.25 percent stake in Monument Bank in January this year.

“The investment solidifies Dubai Investment’s presence in the dynamic digital banking landscape,” said Khalid Bin Kalban, Vice Chairman and CEO, Dubai Investments, adding the move will foster international collaborations.

The investment is subject to necessary regulatory approvals, the company said in a statement published on the Dubai stock market.

As part of its ongoing growth strategy, Monument Bank concluded its Series B round of investments, raising over £40 million ($49.11 million), backed by a combination of existing and new investors.

Since its inception, the bank has raised over £103 million.

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