By Aisling Finn on Monday 6 July 2020
Customers will need £25,000 to just open an account with Monument.
Niall Booker, who has three decades of experience at HSBC under his belt, is said to be heading up a digital lender aimed at wealthy individuals, according to The Times.
Monument, which has quietly recruited several other industry veterans, has now applied for a full UK banking licence.
Booker has previously held senior roles at HSBC in the Middle East and the US and was also CEO of the Co-operative Bank for just three years from 2013 to 2016.
According to The Times, the bank hopes to lend up to £2m to wealthy customers through its app.
It’s estimated that roughly 3.5m people fall into Monument’s target audience, most of which will bank at private banks like Coutts or C. Hoare & Co.
The new digital bank is directing its services towards individuals with assets worth between £250,000 and £5m, with a specific focus on professionals like as doctors, lawyers and accountants.
To open an account, customers will need to have at least £25,000, which is around half what is needed to open a premier account with other private banks.
Mintoo Bhandari, a former managing director at private equity house Apollo Global Management who is setting up Monument alongside Booker, told The Times: “Before [coronavirus], we thought 90 per cent of transactions would be digital and 10 per cent face-to-face. Now we think 98 to 99 per cent will be digital.”
Monument is reportedly in an advanced stage of the process and hopes to be fully operational within the next six months.