Diversified investment firm Dubai Investments (DIC) has acquired a 9% equity stake in UK-based digital bank Monument Bank Limited.
Monument Bank is regulated by the Financial Conduct Authority (UK) and the Prudential Regulation Authority (UK). The acquisition marks the investment firm’s foray into the digital banking space in one of the advanced and regulated markets at an early stage.
Dubai-based investment banking advisory firm, Alpen Capital (ME) Limited, is the advisor to the transaction.
Dubai Investments’ Vice Chairman and CEO, Khalid Bin Kalban, said: “With Monument Bank combining traditional and established banking products with innovative solutions, the Group is looking forward to be a part of the evolving and the continued growth phase of digital banks while expanding horizons and diversifying strategically.”
The stake sale is expected to help Monument Bank to scale-up its UK business, launch innovative solutions to target segment and grow its market share, according to the CEO of Monument, Ian Rand.
Dubai Investments was set up in 1995 and has around 3500 employees.
The company reported a net profit of AED 1,489 million for the period ended September 30, 2022, an increase of 227%, as compared to AED 456 million for the nine-month period in 2021.
(Reporting by Seban Scaria; editing by Daniel Luiz)
