These arent ultra-high net worth individuals, multi-millionaires who might outsource their finances to money managers. Sav is a Relationship Manager with over 20 years experience in lending, origination and credit. In the Banking industry, Mintoo Bhandari has 83,692 colleagues in 4,890 companies located in 188 countries. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Mr. Rajaram is Chairman of Millennium Spire Investment Holding Ltd. and Chairman at K&L Gates Straits Law LLC. Another entrepreneur in residence. 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'. Apollo is fundamentally a value investor and in a high-growth environment like India, that translates into being a contrarian investor. The ability to execute when others are unable or unwilling to do so is a distinguishing characteristic of Apollo and has been fundamental to the firms long-term success. Bhandari believes open banking is nowhere near where it will be in the future, but that the technology is in place for Monument to offer a seamless lending and deposit experience, without needing to offer a current account. 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. The 25 per cent threshold seems much more rational. Our lending and membership products are not included within the scope of this regulation; for more information, please see the Financial Services Register. He was the Vice-Chairman of the Singapore Business Federation, and Council Member of ASEAN Chamber of Commerce and Industry. A strong advocate of a fairer financial services market, she sits on the Customer Advisory Board of Fairer Finance. Companies, with as little as a few million dollars in EBITDA, can go public. The Economic Times, which reported the development earlier on Wednesday, said Bhandari would continue to . Dubai Investments Acquires Stake in Monument Bank, UK based Digital Bank. But in your hands, it can become so much more. She was on the Board of SEEDA with responsibility for Business and Tourism as well as being a founder member of the Kent Tourism Alliance, Chair of KM Radio, and one of the Trustees behind the building of the Turner Contemporary Art Gallery in Margate. Ioannis began his career as a private banker at Coutts & Co. where he looked after high net worth individuals and families from the United Kingdom and abroad. We see that come to life at work too). At its basics, its banking. Find out more, 1 Poultry, Wasim holds a MEng in Electrical and Electronic Engineering from Imperial College, London. 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. To burn off the calories Ioannis run marathons. 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. It was absolutely brutal. Monument is targeting clients worth between 250,000 and 5m, putting it in competition against the likes of HSBC and Barclays. Mintoo Bhandari - India Research Center We have a real estate effort here and a team entirely focused on that sector. He brings with him over 30 years of technology experience across a wide range of financial services organisations. 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. To be active under these conditions, investment firms have to be fundamentals-driven and contrarian. People are saying: oh I dont know if I would do a million pound transaction on my phone. Feike is a Dutchman who has lived and worked in the UK for 14 years. EC2R 8EJ Mintoo Bhandari, the India head of NYSE-listed alternative assets manager Apollo Global Management, is moving to a senior advisory role within the firm, a person familiar with the development told VCCircle. So I believe I can get to breakeven, you know ideally I'd like to do it in the first year, on the outside, it'll be in year two, he says. Read more: RBS abandons Monzo-challenger B. During his career he has worked as a C++ developer / DBA and Sys Admin, so brings this experience to his current role. He is the Honorary Consul of the Republic of Mali in Singapore. If there are additional opportunities and companies that fit these criteria within a promoter group in which Apollo has invested, it obviously is easier to pursue an investment in them as we already have the comfort level and confidence in the promoter and the team. Feike studied Economics and post-graduate Accountancy at the Vrije Universiteit in Amsterdam and he holds a Master of Business Administration degree from Rochester University, New York. And the one thing that India sorely needs to sustain its growth and become more competitive is improved infrastructure. 2 million per show. For Bhandari, this is the second stint in Indian private equity space. A lifelong Liverpool fan (along with fellow Celt Iestyn) he is basking in glory (for now). 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. Hes built, led and transformed businesses at HSBC, The Co-operative Bank (working on their well-publicised transformation) and the fintech, 10x Future Technologies. How did the transaction come about? Prior to that time, Mr. Bhandari was managing director of The View Group, an India-focused private equity firm. Potential clients include bankers, lawyers, property developers, and doctors. Helene brings a 30-year career in Financial Services, most recently as CFO at Capital One UK and of European CFO at EVO Payments. Ltd. Get daily update with our newsletter Subscribe Now ! 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.. We often say that we want to get compensated in valuation for taking on complexity and for investing in sectors in which other private equity firms have less expertise. iOS Lead with over 10 years of experience in software development. More recently, Anita has been focused on supporting digital start-up banks develop and execute their corporate strategy. 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. India and China are probably the most important emerging markets in the world. We are also exploring and evaluating the credit markets in India. Mintoo Bhandari Active New York, NY Senior Partner for Apollo Global Management, LLC (212)515-3200 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. We believe that the blended entry price we were able to create at Welspun is very compelling and it compares very favourably to other private equity deals done in India over the last decade, he explains. Mintoo Bhandari Chief Executive Officer Monument Bank Limited Bank CEO announces that Monument achieves full banking licence. A busy Dad, in his spare time enjoys the UK live music scene and doing his bit to support emerging artists. Property of Mosaic Media Ventures Pvt. Generally, companies in India have very limited flexibility when it comes to designing their capital structures. 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 many such cases, it would be in the best interest of the public shareholders to offer them a fair and clean exit. Her positivity and energy is vital to our team and her desire to do a good job shines through. Mintoo Bhandari - VC DATALAB Andrew has won the Sunday Times award for Non-Executive Director of the Year in the public/not for profit sector. Monument therefore reflects our purpose as a new bank that will deliver strength, appreciation, and a visionary path forward. He claims its with his son; but the jury is out. All rights reserved. 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. Others on the management team at Monument have held senior roles at Barclays and UBS. I think the evolution of digital has gone from a 5 or 10 year cycle to a three month cycle, he said. In her spare time, she is enjoying art, food and wine preferably all together! And the banks lending will be funded by a range of savings products, from easy access to fixed savers, with Monument taking a quite attractive spread in the middleclassical 1,000-year-old banking is how Bhandari describes it. Mintoo Bhandari is a Senior Partner & Managing Director at Apollo Global Management LLC. At that time, he was looking for capital and support to undertake a backward integration related to his principal business. He has been the Chief Finance Officer of the on-line retail bank ING Direct UK and subsequently held Chief Risk Officer positions at Coventry Building Society, Tesco Bank, Kensington Mortgages and the start-up Revver bank. Chan School of Public Health. While its 22-month-old investment in Dish TV is currently at 2x, the investment in Welspun Corp has come at nearly 50 per cent premium per share. Delivered Monday 9am EST/ 6am PST. As a Product Manager at Monument, Ioannis is intent on making financial institutions more than just places to store and access money. Mintoo also has significant experience in customer service and outsourcing industries as a Board Member of Integreon and SourceCorp, among others, and gained exposure to the large-scale consumer service delivery as a Board Member of DishTV India. Monuments plan is to do mass affluent banking better, and to reach profitability within 24 months of launch. A decade ago it would have cost billions to deliver the technology solutions that we can deliver for single digit millions, Bhandari said. Prior to joining, he spent most of his career at McKinsey working with clients on strategy, revenue growth management and large digital transformations, specialising in consumer-centric organisations, and the use of data science. We bring decades of experience working in leading financial institutions and professional services. This byline is mine, but I want my name removed. DaBaby's reported annual income is more than $500,000 per year and over $45,000 each month. Initially Monument will focus on lending, with Bhandari outlining ambitious goals, including 8-minute approvals on buy-to-let mortgages of up to 2m. At Monument Bank, Mintoo Bhandari has 15 colleagues including Ian Rand (CEO), Vikash Gupta (Director) . Apollo India Private Equity II (Mauritius) Ltd. in Electrical and Electronics Engineering and a MBA from IIT, Delhi. Buyout Fund Apollo Hires Mintoo Bhandari To Head India Ops He is also the Vice President of the Dyslexia Association of Singapore, Deputy Chairman of the Board of Trustees and Executive Committee of the Institute of South East Asian Studies (ISEAS). 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). He led, developed and oversaw . Niall is also the Chairman of the College Council at Glenalmond College and a NED at Non-Standard Finance. 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. In her spare time, Helene seeks new experiences and is an arts & art de vivre lover. Sudip holds a B.E. The start-up evolved out of a belief that the mass affluent have gone "largely unaddressed by the [UK's] challenger bank boom". Monument appoints former Barclays exec Ian Rand as CEO The action you just performed triggered the security solution. Mintoo Bhandari, a former managing director at Apollo Global Management, is leading the venture alongside Brooker. His net worth has increased steadily each year. 87) and the Harvard Business School (MBA 92). In India, we will focus on these sectors because we believe that we can add meaningful value to those and also because we believe that it makes sense here from the perspective of comparative advantage and the economics of the value chain. In our deal flow development, we tend to be very outbound-oriented and try to stay in active dialogue with promoters in these sectors. She brings a decade of work experience in software product development, application maintenance & support, debugging, troubleshooting, and project execution and believes in continuously applying the best business practices, through innovative technology solutions. Property of Mosaic Media Ventures Pvt. If I can summarise what excites us about Welspun, it is the unique combination of positioning and potential. Prior to that, he spent 7 years at Barclays Wealth in the UK. They can raise equity and they can raise senior secured bank debt but there isnt much available in-between. Mintoo Bhandari Founder of Monument Bank Limited London, England, United Kingdom 3K followers 500+ connections Join to view profile Monument Harvard Business School About Private Equity, Banking. In love with history (and we hope numbers), Iestyn brings 20 years of diverse experience in Financial Services. Historically, when you think about this group, you might think about premier banking, says Bhandari. It actually costs so much more to modernise your technology than build it from scratch, Khouri said. UK challenger Monument lands restricted banking licence You can email the site owner to let them know you were blocked. All we're doing is saying, come to us for service, come to us for better deposit rates, come to us for complex lending.. Manta Bhandari. Fintech. Mintoo has served on the Board of more than 20 companies, with asset bases of many billions of dollars and many thousands of employees. Here, at Monument, he is doing much of the same, except this time he is also solving a frustration he's personally experienced. When it launches in the Summer of 2021, the bank will provide savings . Typically, Apollo will look to invest anywhere between $150 million and $1 billion out of this current global fund. This website is using a security service to protect itself from online attacks. 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. In fact, some customers referred to Welspuns pipes as the gold standard in the industry. There are further proofs of the companys superior technical skills and capabilities. Mintoo has served on the Board of more than 20 companies, with asset bases of many billions of dollars and many thousands of employees. There will always be rise and fall in transaction volumes in sync with enthusiasm level and capital availability in the markets. 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. 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. Mintoo Bhandari (pictured), the head of India for Apollo Global Management, is planning to scale back his involvement at the firm to focus on social impact investing. About Monument Bank Hes interacted with almost all new UK entrants as either a regulator, advisor or investor. Click to reveal 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. Mintoo Bhandari: Apollo Management India head Mintoo Bhandari moves to Aion Capital raised $825 million in 2014 and has deployed the bulk of its corpus from this fund in India. London, A risk expert through and through, Martin held senior roles at a variety of large institutions as well as some recent Fintechs. 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. Steve brings 30+ years of technology management experience to our Board. Mintoo has more than 25 years experience in investment management, credit origination, execution and oversight of financial institutions. Starting at a reported $5 million in 2018, it stood at $6.5 million in 2022. 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. Mintoo Bhandaris bank is on a mission to help millionaires. 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. Bhandari said RBSs recent decision to shut its digital challenger bank Bo was a good example of how big banks lack the culture to build these things. Were here for our clients and the level of service they deserve. He had also worked with Harvard Management Company, which manages the endowment of Harvard University. These are the sectors which Apollo knows well globally and therefore, we are confident of adding value to those here in India. Monument has been in development for 18 months and currently has 12 full-time staff. These sectors include chemicals, oil & gas, metals and mining, financial & business services and media distribution. He was also the Chair of the Risk Committee for Chetwood Financial and helped Equifax go through the FCA Authorisation process following changes in the UK consumer credit regulations. But Bhandari is not worried. 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. For Bhandari, this is the second stint in Indian private equity space. Monument claims to be the first digital challenger in the mass affluent space. In an exclusive interview with VCCircle, Bhandari speaks about the Welspun investment, Apollos India strategy, his take on the changes in SEBI takeover code and delisting norms, and the countrys credit and real estate market. Prerna holds a B-Tech in Computer Science from Visvesvaraya Technological University, India. Mintoo spent most of his career as an investor, building teams, and developing forward thinking institutions. He worked in several digital agencies and has involved in professional teams before joining Monument. Iestyn also supports the worlds greatest rugby nation, which for those outside Wales, is Wales. Contact Mintoo, search articles and Tweets, monitor coverage, and track replies from one place. Mintoo Bhandari Founder & Managing Director. 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. Copyright 2023 Surperformance. 161.97.131.216 Helene is a Non Executive Director with humm, the UK subsidiary of the consumer and commercial finance Australian-listed group. EMEA +44 20 7330 7500. Fintech and alternative finance headlines with an exclusive Editor's Note each week. Mintoo Bhandari - Senior Partner for Apollo Global Management, LLC He needs to be focused on creating meaningful value and committed to continuous improvement. He is really excited about his role at Monument helping to build and scale a truly modern, digitally enabled bank for our clients. 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. Sure, Lil Wayne is way behind Taylor Swift and Beyonc. DaBaby Net Worth - Let's Find Out! Monument Bank Limited (10921940) is registered in England at 33 Cavendish Square, London, W1G 0PW. Close to home, our portfolio companies may not deliver on their potential if the infrastructure does not improve. Monument is chaired by Niall Booker, a veteran HSBC banker who rescued The Co-Op Bank from the brink of collapse in 2013 after being drafted in as chief executive. We think there will be significant benefits to companies if the market has a wide variety of options. Bhandari will also step back from his direct leadership role at Aion Capital Partners, a special situations-focused joint venture launched by Apollo and ICICI . 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. Monument Bank is in the late stages of securing a banking licence and expects to launch later this year. Bhandari is also on the board of directors of Welspun Corporation where Apollo invested $350 million in 2011. Another thing we considered was that Welspun is very well known for its customer service. In his spare time Steve doesn't know how to relax, preferring instead a range of strenuous outdoor activities, over-ambitious DIY projects and researching his next gadget purchase. But, for now, the ambitious founder is outlining a retail digital banking model quite unlike whats come before. Copyright The President and Fellows of Harvard College, Harvard T.H. United Kingdom, Alternative Lending During A Downturn Report, Monument launches market-leading 5-year 2.2% savings rate (if youre wealthy enough), Monument co-founder hands over CEO role to ex-Barclays boss "to scale the bank", New neobank Monument readies for launch after regulator lifts restrictions, Monument Bank founder: Mass affluent banking is our path to profitability in 24 months, New digital bank for the rich Monument secures restricted UK banking licence. AltFi provides market-leading news, opinion, insights and events for the rapidly-growing alternative finance and fintech community. 2020: When five years of digitisation took place in oneOn 1 January 2020, as we welcomed a new year, little did we know how the world would be transformed over the coming months. It is going to take a lot of capital, energy and effort, as well as the right regulatory environment, to build the much-needed infrastructure. London, The 15 per cent threshold was rather low and I think it had artificially created a differential between investor intent and regulatory burden. He is the CEO and co-Founder of VAR Capital, a multi-family office focused on investment management and lending. He has also held senior fiduciary, asset management positions at the world's largest university endowment (Harvard University) and Apollo Global Management (APO NYSE). He was previously a partner and Group Finance Director at Omni Partners and Amicus Finance, and interim CFO and COO at Cambridge & Counties Bank. As an academic, Andrews working and non-working time tend to merge. He also has a passion for gardening, although thats not always clear looking at his garden. A London Business School professor (and former Dean), who has also had a very successful career in commercial life and government. Erdi holds a Bachelors degree in Computer Programming from Bahcesehir University in Istanbul, Turkey. The colleagues of Mintoo Bhandari. Mintoo Bhandari from Old Westbury, NY, age 57 | Veriforia She brings with her 21 years of financial services and regulated markets experience from ING Direct UK, Friends Life, Aviva and Entain. Part of his vision is to improve margins further and he believes that one way to accomplish this is through backward integration, which will lead to greater stability of supply, greater control over quality, better margins and ultimately, as we hope, a more dominant position in the global market. In his spare time, hes probably fishing (and says its called fishing, not catching, for good reason). The project has drawn funding from City of London veterans including former Panmure Gordon chief executive Ian Axe and London property developer Chris Murray. In his spare time, you will normally find Ian falling off a mountain bike, or a paddle board; or trying to persuade 4 teenagers of the merits of a long family hike on the South Downs. Enter Mintoo Bhandari, the founder and managing director of Monument, a newly-licenced and freshly-funded digital bank aimed at lending millions to the "mass affluent" at the touch of a button, all through their mobiles. Mintoo graduated from MIT with a S.B. 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. Meet the mass affluent He has an unrivalled breadth of experience, from operations through to commercial credit underwriting, advising private clients, running teams and managing relationships. Last year, the company achieved 19 per cent EBITDA margin, one of the highest in the industry and very exceptional for a metals business, on approximately $1.7 billion of revenue, but he is not satisfied. Copyright 2023 VCCircle.com. 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. 2 Beyonc - $3.5 million per show. In her spare time, she finds a good evening walk boosts her energy and enjoys balcony gardening. Mintoo Bhandari - Founder of Monument Bank Limited - Monument | LinkedIn Prologue, partie 2 : les progrs accomplis dans la ralisation de l'ODD 6 Sav later moved on to Relationship roles at Bank of Scotland, Lloyds and Metro Bank. 07 Feb 2018. Mintoo is a graduate of the Massachusetts Institute of Technology (Mech Eng, S.B. Works at Study (chess) Lives in Ludhiana, Punjab, India. With 30 years in Financial Services, Steve has seen it all. Less classical is how Monument will operate, by harnessing the growing power of open banking. We think its a very positive, prudent move. The one thing that they have in common is growth both the economies are likely to grow into the foreseeable future. In his spare time, you might find him working on charitable initiatives or in the gym. In her banking career, Fiona worked for Barclays, Daiwa Europe Bank, NatWest Capital Markets and most recently, Goldman Sachs. Before joining us, Ioannis headed up the innovation efforts for NatWests wealth management businesses, which include the Coutts & Co. and NatWest Premier brands.
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