Ian Rand, former CEO of Barclays Business Banking, has been appointed chief executive officer of Monument, subject to regulatory approval.
Mintoo Bhandari, the bank’s co-founder and current CEO, will transition to the strategic role of global head of corporate development.
Described as the first neobank focused on the needs of the UK’s 4.8 million ‘mass affluent’ people – professionals, entrepreneurs, property investors and others – Monument had all restrictions on its banking licence lifted in November 2021 and has now launched its initial property investment lending offerings as well as its first suite of saving products to the market.
Rand has over 20 years’ experience in banking and also served as COO at Barclays, running day-to-day operations with more than £40 billion in assets, serving in excess of a million customers.
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.
“Monument, with its unique proposition, is an enticing opportunity to take the next step in my career,” said Rand. “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 fulfil the ultimate goal of helping people save and grow their wealth.
“To date, Monument has had an amazing journey, achieving a number of milestones, more recently receiving its full banking licence and launching property investment lending and savings propositions. Now is an exciting time to help Monument reach new heights as we firmly establish our position in the market.”
Bhandari (pictured above) added: “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.
“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.
“Ian has a wealth of technical and organisational experience as a banking leader; but, most importantly he shares our vision and enthusiasm to make Monument a valuable, impactful, and durable institution in the rapidly evolving financial services marketplace.”