But it isnt always easy, for organisational or other reasons, to pull the trigger when markets are choppy. India and China are probably the most important emerging markets in the world. Having created HSBC Premier in the UK over 20 years ago, Steve readily identifies with and understands our community well and he is obsessed with serving it in the right way. Fintech. Your daily 7am download of all things alternative finance and fintech. Do you see more opportunities during this current uncertainty? The bank takes its name from the Monument to the Great Fire of London in London, which is colloquially known as simply Monument. But that goes with Apollo's DNA, which is a value investor, making contrarian investments in high-grown markets like India, says Mintoo Bhandari, Apollo Management's Senior Partner and MD of its local affiliate AGM India Advisors. Related Story. Initially Monument will focus on lending, with Bhandari outlining ambitious goals, including 8-minute approvals on buy-to-let mortgages of up to 2m. The startup bank will target customers with a net worth of between 250,000 ($316,140) and 5m, a segment of the market its founders say is underserved. With a very successful career over 35 years in banking, Niall brings a wealth of wisdom, knowledge and experience to Monument. All the demands were on us as clients rather than on the bank., READ MORE: Starling Bank seeks 35m in new competition funding: 'We're a safe pair of hands'. He is actively involved in social work and is a Patron of the Taman Jurong Citizenship Consultative Committee. 2 Beyonc - $3.5 million per show. Others on the management team at Monument have held senior roles at Barclays and UBS. The Economic Times, which reported the development earlier on Wednesday, said Bhandari would continue to . We make better and faster decisions thanks to Anita. Now, people are saying: actually I would really love that., Senior City Correspondent, Yahoo Finance UK, RBSs recent decision to shut its digital challenger bank Bo, Analysis-Japan's automakers have a made-in-China sales crisis, RPT-GLOBAL MARKETS-Stocks stuck, Aussie dlr surges after RBA surprise, Australian landlords push back on property valuation doomsday, Australia Signals More Tightening After Surprise Rate Hike, Most Japanese shares retreat on banking jitters ahead of Golden Week break. Our technology leader. Since lockdown Sav has become a keen runner and has also developed a mild obsession with his daily step count. And the fact that so many pools of capital in India are excluded from investing in infrastructure is not helpful. Prior to joining Monument, Laura honed her skills and experience in the app space at Velocity Black, working closely with the founders to grow and enhance the customer experience, while also building out the companys Luxury Goods division. More recently, Anita has been focused on supporting digital start-up banks develop and execute their corporate strategy. Age : 57. Prior to that, he spent 7 years at Barclays Wealth in the UK. Niall was educated at Glenalmond College and at Gonville and Caius College, Cambridge. Mr. Bhandari was also previously a member of the private equity team, and later a manager of hedge fund capital, at the Harvard Management Company, which manages the endowment of Harvard University. At its basics, its banking. For Bhandari, this is the second stint in Indian private equity space. Co-founder, Mintoo Bhandari, will be passing the baton to Ian, and taking up a new role as Global Head of Corporate Development at Monument. She holds a degree in Science in Planning and Urban Design from the University of Naples Federico II. There are a few notable exceptions, though, such as telecom towers, power, infrastructure and real estate, in which there are sizeable private companies and these sectors do appear to be in need of significant private equity over the coming years. Vikash is involved in several philanthropic projects, including a previous Board membership of Spirit of 2012, a not-for-profit organisation set up to keep the spirit of the London 2012 Olympic Games alive. Our core focus is on disruption to lending, banking and investing, including alternative lending, challenger banks and digital wealth management. Monument will also have relationship managers available through voice, video, email, chat and what Bhandari calls co-browsing, where an RM can join you on your smartphone while youre browsing and help advise on a decision. Organizzazioni che hanno offerto il loro contributo Agenzia internazionale per l'energia atomica (AIEA), Alliance for Global Water Adaptation (AGWA), AquaFed, Armenian Women for Health and Healthy Environment, Associazione internazionale degli idrogeologi (IAH), Associazione internazionale per l'ingegneria e la ricerca idroambientale (IAHR . Conor is all about tailored lending solutions for you. They can raise equity and they can raise senior secured bank debt but there isnt much available in-between. The 15 per cent threshold was rather low and I think it had artificially created a differential between investor intent and regulatory burden. As we are in a hyper-growth environment in India, every company can look well-positioned. Feike is a Dutchman who has lived and worked in the UK for 14 years. MUMBAI: Mintoo Bhandari, India head of global private equity fund Apollo Global Management, will relinquish his responsibility of day to day fund management and move to a senior advisory role, said three people with direct knowledge of the development. The Monument in central London is a commemoration of the end of the Great Fire of London and the beginning of the worlds first modern city. Monument Bank is in the late stages of securing a banking licence and expects to launch later this year. We are also exploring and evaluating the credit markets in India. At that time, he was looking for capital and support to undertake a backward integration related to his principal business. He is a past Chairman of the Singapore Indian Chamber of Commerce and currently an Emeritus Chairman. By Mintoo Bhandari, Trish Kotze | Fintech Finance & News Verified. It actually costs so much more to modernise your technology than build it from scratch, Khouri said. Delivered Monday 9am EST/ 6am PST. The difficult terrains and environments that these pipelines must traverse and the pressures they have to withstand create a very high technical bar that puts a premium on technical excellence. He is currently in the process of putting together a team in Mumbai. Property of Mosaic Media Ventures Pvt. After starting his career at Price Waterhouse as an auditor, he has worked in retail banking for nearly 25 years. Its also an audience that Bhandariwith his 25+ years of experience in private equity across Mumbai, New York and Londonknows well. But stay where you are for your current account. In her spare time, Laura enjoys exercising, spending time with her dog Peaches, and, when she isnt cooking - going out to her favourite restaurants with friends. It was absolutely brutal. When there is an attractive but complicated and challenging situation, we believe that Apollos investors can get compensated for that complexity as most private equity firms shy away from such situations and generally dont focus on the industries which pose such challenges. At Monument Bank, Mintoo Bhandari has 15 colleagues including Ian Rand (CEO), Vikash Gupta (Director) . More recently this has included Chief Architect and Strategy & Architecture Director roles at WorldRemit, a digital remittance FinTech, and Shawbrook Bank a specialist Lending & Savings provider. He was the CRO at HSBC for the retail bank in Europe and latterly for Latin America and held similar roles at Mark & Spencer Money, MBNA, and Standard Chartered Bank. It's the largest unserved market opportunity in the world today in financial services, the calmly-spoken founder explains, pointing to people with a net worth of between 250k and 5m (excluding their main property). I would say that PE investment, in general, is somewhat cyclical. The jewel that holds us all together, Federica does so much more than manage our office and all its interactions, both internal and external. Even in the post-financial crisis world, where banking licences have become somewhat easier to obtain, its still a rare pleasure to meet a banks founder before its even launched. Fiona has a varied portfolio of Non-Executive Director roles including Melton Building Society, Nexa Finance, and VisitEngland. In addition to Apollo Global Management, Bhandari led Aion Capital Partners, which is a joint venture between Apollo Global Management and ICICI Bank. Prior to joining Apollo in 2006, Bhandari was managing director at The View Group. Ask him about his soup diet. Founder of Monument Bank Ltd., Mintoo Bhandari presently is Managing Director at AGM India Advisors Pvt Ltd. Mr. Bhandari is also on the board of SOURCECORP, Inc., Apollo India Private Equity II (Mauritius) Ltd., Welspun Maxsteel Ltd. and Insight Solutions Ltd. He is also Vice President for Law Society of Singapore, Member of Presidential Council for Religious Harmony and a Notary Public and Justice of the Peace. Sav joined Monument as he was drawn to the unique blend of technology with a human touch and he has always wanted to build a robust lending book from the ground up. January 26 2023. Welspuns principal business is the manufacture of large-diameter oil & gas pipes, used to build pipelines for transporting oil & gas, generally over long distances. Customers can also track their net worth and source advice on things like property law and inheritance. Find out more, 1 Poultry, In many such cases, it would be in the best interest of the public shareholders to offer them a fair and clean exit. Very few people know that Federica was also a ballet dancer. Fundamentally that slashes Monuments cost base, and positions the bank more as a high-touch property lender than a jack-of-all-trades current account provider. London, If I can summarise what excites us about Welspun, it is the unique combination of positioning and potential. When it launches, Monument will go head-to-head with the likes of HSBC (HSBA.L) and Barclays (BARC.L), which have traditionally dominated the market. Mintoo graduated from MIT with a S.B. In love with history (and we hope numbers), Iestyn brings 20 years of diverse experience in Financial Services. With 30 years in Financial Services, Steve has seen it all. Whilst a risk specialist, Nihars main hobby is building and growing banks. Meenakshi K Bhandari, Narindar K Bhandari, and seven other persons spent some time in this place. Mintoo has served on the Board of more than 20 companies, with asset bases of many billions of dollars and many thousands of employees. In his spare time, he is either watching sports or playing Golf. (212) 515-3200. Partner Investments Number of Partner Investments 1 Jobs Number of Current Jobs 2 Mintoo Bhandari has 2 current jobs as Founder & Managing Director at Monument Bank and Senior Partner & Managing Director at Apollo. EC2R 8EJ We are also looking at different opportunities in real estate space, but are doing so in a very measured manner. She has acquired a strong commercial outlook from senior roles in Strategy, Pricing and Acquisitions & Partnerships. This is unfortunate because there are many companies that should not be listed and that would make a greater contribution to the economy if they were operated as private companies. An entrepreneur and co-founder, Vikash brings a diverse range of knowledge and experience. Monument Bank Limited (10921940) is registered in England at 33 Cavendish Square, London, W1G 0PW. At Monument, he is determined to build a world class, plug-and-play banking platform. Apollo Global Management LLC, the $70 billion alternative asset management giant, started its private equity operations in India, just around the time of the global financial meltdown during September 2008. In his spare time, hes probably fishing (and says its called fishing, not catching, for good reason). One of the most novel things about Monuments strategy is that the bank doesnt intend to offer its customers a bank card, or indeed a current account at all. Her experience spans international blue-chip companies in retail and consumer finance, and payments, including 16 years at Visa. Apollo has closed two transactions till date since starting its operations $100 million in DTH service provider Dish TV India and $350 million in two Welspun group companies. Hes also held roles at Booz & Company and at Sapient as a technologist. Created Date: 20211108104240Z . 27,324 executive movements have been recorded in the last 12 months. Monument has been in development for 18 months and currently has 12 full-time staff. Bhandari will now be proactively work with Nobel Peace laureate Kailash Satyarthi and help his foundation raise money for social causes, the sources said. In her spare time, Helene seeks new experiences and is an arts & art de vivre lover. Wasim Khouri, Monuments chief strategy officer, said the startup was not perturbed at the prospect of competing with these giants. Mintoo Bhandari Chief Executive Officer Monument Bank Limited Bank CEO announces that Monument achieves full banking licence. As an academic, Andrews working and non-working time tend to merge. Copyright 2023 VCCircle.com. Hes interacted with almost all new UK entrants as either a regulator, advisor or investor. A new digital-only bank backed by City of London veterans and targeting the UKs mass affluent is set to launch within months. Sure, Lil Wayne is way behind Taylor Swift and Beyonc. We are fundamentally a value-oriented and often contrarian investor. Bhandari is also keen to devote more time to the social sector and will work closely with Nobel laureate Kailash Satyarthi and Harvard Endowment Fund, said the person cited above. Contact Mintoo, search articles and Tweets, monitor coverage, and track replies from one place. The Economic Times, which reported the development earlier on Wednesday, said Bhandari would continue to engage with clients and attend board meetings in India though he will now be based in the UK. Delivered Monday at midday. Much of what Bhandari describes is unproven, and hes frank that the banks plans will certainly change and evolve as it comes to market. He lives in London, England with his wife and two daughters. Founder of Monument Bank Ltd., Mintoo Bhandari presently is Managing Director at AGM India Advisors Pvt Ltd. Mr. Bhandari is also on the board of SOURCECORP, Inc., Apollo India Private Equity II (Mauritius) Ltd., Welspun Maxsteel Ltd. and Insight Solutions Ltd. In his spare time, hes watching football and hasnt missed a Wales game in 8 years. Find out more, 1 Poultry, During his career he has worked as a C++ developer / DBA and Sys Admin, so brings this experience to his current role. And we are indeed fortunate We had heard it from numerous industry participants and we also verified it from some of Welspuns customers that the company produces superior quality pipes. The project has drawn funding from City of London veterans including former Panmure Gordon chief executive Ian Axe and London property developer Chris Murray. For nearly three decades, Anita has played a crucial role in driving organisational performance at some of the UKs leading financial services institutions. 07 Feb 2018. Ioannis holds a BA(Hons) in Economics from Durham University. Instead the mass affluent sit just above the DIY retail market and might need extra service and support to deal with their increasingly complex financial lives. We and many other private equity firms active in India recognise that there may be an opportunity in providing more flexible financing. But some regulatory changes are required to make this happen. Market regulator SEBI has recently come out with changes to the takeover code, increasing the open offer limit to 25 per cent. Welspun has produced pipes for some of the most challenging projects in different parts of the world, including pipes for the worlds deepest pipeline project (Independence Trail, Gulf of Mexico), the highest pipeline (Peru LNG) and the heaviest pipeline (Persian Gulf). Bhandari is also on the board of directors of Welspun Corporation where Apollo invested $350 million in 2011. Technical excellence was a key area when we assessed the company. A key thread throughout Helenes career is growth and change supporting companies through both internal and external growth, but also coaching and mentoring entrepreneurs and professionals for personal growth and professional development. In his spare time, he is a regular volunteer at his local Mencap charity where he drives the mini-bus for day trips and holidays, and for pleasure he is a keen skier and clay pigeon shooter. On the business side, we are looking for businesses that have genuine, sustainable advantages and that we are confident are well-positioned for the long run. Mr. Bhandari is the principal founder and a leading shareholder of London based Monument Bank Limited (Monument) which is a digital-first platform focused on providing financial services (with a Bank of England full-banking license) providing digital access to high-value services and technology solutions in various geographies around the world. We are grateful to Mintoo and everyone else involved in getting us to the stage of becoming a fully-licensed UK bank amidst a global pandemic and great economic uncertainty. We have built Monument from the ground up, precisely for this community. Sav is a Dad to two football mad boys; most of his spare time is spent taking them to football training, futsal training and football matches. Mintoo Bhandari Active New York, NY Senior Partner for Apollo Global Management, LLC (212)515-3200 But that typically involves people, and putting people into the mix made it very unsustainable from an economic standpoint. We can democratise service thats available to the Ultra High Net Worth community and the way we can do that is because of the collapse in technology cost.. Starting at a reported $5 million in 2018, it stood at $6.5 million in 2022. In his spare time, he is with his young family or serving as Trustee of the European School of Osteopathy. Mintoo has served on the Board of more than 20 companies, with asset bases of many billions of dollars and many thousands of employees. Financial Services. But in your hands, it can become so much more. The Covid-19 pandemic upended life as we knew it, crippled global economies and changed how we all . Market swings in the USA directly impact the Indian markets and just like the USA, the velocity of transactions diminishes when there is volatility and downward pressure in the Indian markets. Typically, Apollo will look to invest anywhere between $150 million and $1 billion out of this current global fund. He had also worked with Harvard Management Company, which manages the endowment of Harvard University. Mintoo Bhandari is currently associated with Welspun Enterprises Limited appointed as Nominee Director and the paid-up capital Welspun Ente See More. Apollo India Private Equity II (Mauritius) Ltd. All rights reserved. Having unexpectedly landed in the technology start-up space right after University, Laura has spent 5 years immersed in the world of apps that are designed to enhance the lives of high-net-worth individuals. in Mechanical Engineering and earned his MBA at Harvard. Mr. Bhandari is the principal founder and a leading shareholder of London based Monument Bank Limited ("Monument") which is a digital-first platform focused on providing financial services (with a Bank of England full-banking license) providing digital access to high-value services and technology solutions in various geographies around the world. Rand takes the reins from Mintoo Bhandari, current CEO and co-founder, who has led Monument from its inception to the achievement of full banking licence and commercial launch late last year.. According to his profile on the Apollo website, Bhandari joined Apollo in 2006 from The View Group which was an India-focussed private equity firm. Do you have any plan to bring that in India? Today, Dababy's reported net worth is around $7 million. In his spare time, he likes to spend time with his wife and daughter and ride his Harley Davidson as far as he can go. Anita is a member of Women on Boards UK and holds a BSc degree in Psychology from the University of Durham. We think its a very positive, prudent move. Mintoo Bhandari Founder & Managing Director. 87) and the Harvard Business School (MBA 92). Bhandari said he was not fazed at the prospect of launching a new bank in the midst of a pandemic. Companies, with as little as a few million dollars in EBITDA, can go public. Buy-to-let and bridge-to-let are core products that Monument will launch with, designed to appeal to the banks wealthy target audience. He has held CIO positions across investment banks, private banks, brokers and other financial services firms and has led the delivery of complex technology implementations and transformations. Khouri compared big banks IT systems to a spaghetti of integration and said Monuments systems were more Lego-like, combining best in class cloud services.
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