Monument has appointed Ian Rand, former CEO of Barclays Business Banking, as chief executive officer (CEO).

The move, which is subject to regulatory approval, will also see Monument co-founder and current CEO Mintoo Bhandari transition to the strategic role of global head of corporate development.

Monument, a neo-bank aimed at meeting the demand of ‘mass affluent’ clients, received its full banking licence in November 2021.

Monument said Rand brings over 20 years’ experience in banking and most recently was CEO of the Business Banking division of Barclays Bank (and previous COO running day to day operations) with more than £40 billion in assets.

Prior to his 12 years at Barclays, Rand was with JP Morgan, which he joined in 2000, holding MD & COO roles across the Markets business globally.

Rand will lead the scaling up of Monument as the CEO of Monument Bank Limited, while Bhandari will transition to the strategic role as global head of corporate development, which will focus on identifying opportunities to expand Monument’s offerings and continue to cultivate and establish institutional capital relationships to support Monument’s future growth.

The bank is aiming to build its customer base among the UK's estimated 4.8 million professionals, entrepreneurs, property investors and others.

Monument said Rand joins an experienced leadership team, composed of executives and board members who have held senior roles in HSBC, Barclays, McKinsey & Co, UBS, Goldman Sachs, Apollo Global Management, PWC, Coutts and the UK regulators, amongst others.

Ian Rand, incoming chief executive officer of Monument said: “Monument with its unique proposition is an enticing opportunity to take the next step in my career. The Bank aims to fill a much-needed gap in the market – with its deep understanding of the mass affluent community and ability to serve a group who for too long have been left under-served by the market. I am delighted to be leading an incredible team, which has the potential to reimagine the market as it currently stands and fulfill the ultimate goal of helping people save and grow their wealth.”

Mintoo Bhandari, co-founder and chief executive officer of Monument said: “It has been a pleasure to have led Monument from its inception, through the pandemic and to the point of commercial launch. I have long held the belief that there would come a point in which a highly experienced, career banking executive, would be most appropriate to take the reins from me to scale the bank.

He added: "I had formally raised the point of my succession to the Board some months ago and I am very happy that, with the beginning of the New Year, the day has arrived for me to confidently hand over the reins to Ian Rand, who I am certain has the experience and skills to scale Monument Bank from the solid foundation we have in place to take it to new heights.”

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