UK-based Monument Bank secures funding from Sheikha Amal Bahwan

Dubai, UAE – 08 May 2024: Monument Bank, a UK-based neo-bank, is pleased to announce the establishment of a strategic financial relationship with Sheikha Amal Suhail Bahwan, Chairperson of the National Bank of Oman, and one of the most prominent individuals in the financial services sector in the Gulf Cooperation Council (GCC). Sheikha Bahwan has acquired a significant equity stake in Monument Bank and will contribute to further developing Monument Bank's operations in the UK, the GCC, and across other international markets. Sheikha Bahwan's experience will help in guiding the strategy for scaling up the bank's operations in the UK, and in shaping and advancing some of the strategic opportunities the Bank will consider in the future, including licensing its formidable, cutting-edge technology in various new markets, including Oman and other territories within the region.

“I am very impressed with the exceptional growth Monument Bank has demonstrated over the past several months. I am confident that Monument has the team, technology, and market positioning to capture a meaningful portion of the very large, yet overlooked, mass-affluent banking opportunity. Monument is well-positioned to capitalize on the rapidly evolving fintech and banking landscape in the UK and globally and I look forward to working closely with Monument Bank’s leadership team, bringing my insights from having led financial institutions myself. Together, we will ensure that these opportunities are maximized and realized.”, said Sheikha Amal Bahwan

The Chair of Monument, Fiona Pollard said: "Monument Bank is uniquely positioned as the only bank, in the UK and perhaps globally, focused solely on the mass-affluent segment. Our groundbreaking technology enables us to seamlessly support tens of thousands of customers and we typically are adding 200-300 clients each day. I am also pleased to announce, in conjunction with this exciting relationship, that today, Monument has exceeded £2 billion in interest-bearing assets, a very impressive milestone. What makes this milestone even more remarkable is that having closed 2023 with £1 billion in assets, the Bank was able to add another £1 billion in just 4 months, an achievement that previously took 24 months. Monument Bank will continue to extend its lead and solidify its position as the pre-eminent leader in the mass-affluent banking sector as it maintains its growth trajectory over the coming weeks, months, and years.”

Alpen Capital, a leading investment banking advisory firm, acted as the financial advisor to Monument Bank.