We think there will be significant benefits to companies if the market has a wide variety of options. Anita is a member of Women on Boards UK and holds a BSc degree in Psychology from the University of Durham. Related Story. It actually costs so much more to modernise your technology than build it from scratch, Khouri said. Close to home, our portfolio companies may not deliver on their potential if the infrastructure does not improve. Buy-to-let and bridge-to-let are core products that Monument will launch with, designed to appeal to the banks wealthy target audience. 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'. At that time, he was looking for capital and support to undertake a backward integration related to his principal business. 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. Prerna holds a B-Tech in Computer Science from Visvesvaraya Technological University, India. 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. 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. Mintoo graduated from MIT with a S.B. Mintoo is a graduate of the Massachusetts Institute of Technology (Mech Eng, S.B. Click to reveal Bhandari is also on the board of directors of Welspun Corporation where Apollo invested $350 million in 2011. And we would like to see a minimum of 1 per cent of that amount or roughly $150 million, deployed in every transaction. 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. With 30 years in Financial Services, Steve has seen it all. Helene is also a Trustee on the EDHEC Business Schools foundation. 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. In addition, AltFi runs major industry events around the world. Your daily 7am download of all things alternative finance and fintech. After graduating, she spent 9 years in operational leadership roles within customer service and mortgage & insurance sales before making the transition to HR. 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. 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. At Monument, he is determined to build a world class, plug-and-play banking platform. He left Apollo Global Management after nearly 12 years as a Senior Partner and Managing Director, working in New York, London and then successfully setting them up in India. 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. 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. Initially Monument will focus on lending, with Bhandari outlining ambitious goals, including 8-minute approvals on buy-to-let mortgages of up to 2m. In his spare time, he is with his young family or serving as Trustee of the European School of Osteopathy. He actually started his career in Tech and now hes adding the Fin. 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). Our lending and membership products are not included within the scope of this regulation; for more information, please see the Financial Services Register. 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. If I can summarise what excites us about Welspun, it is the unique combination of positioning and potential. As an academic, Andrews working and non-working time tend to merge. 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. But an investment firm considering these markets has to develop a carefully tailored strategy for each market, as they are very different. 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. To be a successful investor in India, we believe that you have to have both a good promoter and a fundamentally good business. Instead, the plan is to connect to a customers existing current account, whether with a high street bank or digital challenger, all via the wonders of open banking. At Monument Bank, Mintoo Bhandari has 15 colleagues including Ian Rand (CEO), Vikash Gupta (Director) . As we are in a hyper-growth environment in India, every company can look well-positioned. There are very few CEOs in the industry who go out of their way to ensure personally that their customers are happy and BK Goenka is one of them. Very few people know that Federica was also a ballet dancer. An entrepreneur and co-founder, Vikash brings a diverse range of knowledge and experience. The reality is that investors are not looking to take over a company just because they would like to hold more than 15 per cent of its equity. About Mintoo Bhandari. But some regulatory changes are required to make this happen. The 25 per cent threshold seems much more rational. 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. 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. Ltd. Get daily update with our newsletter Subscribe Now ! As stone replaced wood, the Citys foundation became stronger. For Bhandari, this is the second stint in Indian private equity space. But in your hands, it can become so much more. Historically, when you think about this group, you might think about premier banking, says Bhandari. For nearly three decades, Anita has played a crucial role in driving organisational performance at some of the UKs leading financial services institutions. To burn off the calories Ioannis run marathons. He has also held senior fiduciary, asset management positions at the world's largest university endowment (Harvard University) and Apollo Global Management (APO NYSE). Bhandari is a former managing director at US investment giant Apollo Global and is one of a number of high finance veterans associated with the project. During his career he has worked as a C++ developer / DBA and Sys Admin, so brings this experience to his current role. Were here for our clients and the level of service they deserve. These are the sectors which Apollo knows well globally and therefore, we are confident of adding value to those here in India. Mintoo Bhandari is a Senior Partner & Managing Director at Apollo Global Management LLC. Dubai Investments Acquires Stake in Monument Bank, UK based Digital Bank. Cloudflare Ray ID: 7c0e749e1df7382b All we're doing is saying, come to us for service, come to us for better deposit rates, come to us for complex lending.. If hes not training for his next race he is probably talking about it. Of course, private equity investments arent done unilaterally. We make better and faster decisions thanks to Anita. 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. With his ability to learn quickly and being a productive and strong team player, he joined Monument to help to build and deliver the next unique experience. The project has drawn funding from City of London veterans including former Panmure Gordon chief executive Ian Axe and London property developer Chris Murray. First of all, Bhandari is keen to distinguish precisely who Monument Bank is talking about when it refers to the mass affluent. 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. 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. 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. Monument claims to be the first digital challenger in the mass affluent space. 3 Bruno Mars - $2.9 million per show. Our core focus is on disruption to lending, banking and investing, including alternative lending, challenger banks and digital wealth management. 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. Photo: Monument A new digital-only bank backed by City of London veterans and targeting the UK's "mass affluent" is set to launch. 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. More recently, Anita has been focused on supporting digital start-up banks develop and execute their corporate strategy. Before joining Monument, Conor headed up the specialist lending team in London at Arbuthnot & Co and has also held leadership and relationship roles at Metro, AIB, Santander and RBS. 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. Delivered Monday at midday. Mintoo has finished Mintoo's high school education. Hes also our resident sommelier. Do you have any plan to bring that in India? 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). This byline is for a different person with the same name. Mintoo Bhandari, director with WELSPUN ENTERPRISES LIMITED, is registered with the Ministry of Corporate Affairs (MCA), bearing DIN 00054831. She regularly feels the urge to leave the City (and the English weather) behind, travel places and immerse herself in different worlds, landscapes and cultures. 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. 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. Iestyn also supports the worlds greatest rugby nation, which for those outside Wales, is Wales. Andrew has won the Sunday Times award for Non-Executive Director of the Year in the public/not for profit sector. 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. Promoters must also be willing to transact in choppy markets. He is the CEO and co-Founder of VAR Capital, a multi-family office focused on investment management and lending. In the Banking industry, Mintoo Bhandari has 83,692 colleagues in 4,890 companies located in 188 countries. He was the CEO who led the turnaround of The Co-operative Bank and prior to that was Group Managing Director at HSBC and CEO of HSBC North America. For Bhandari, this is the second stint in Indian private equity space. 27,324 executive movements have been recorded in the last 12 months. Wasim Khouri, Monuments chief strategy officer, said the startup was not perturbed at the prospect of competing with these giants. In India, among other things, Mr. Bhandari established a strategic partnership with ICICI Bank, Indias largest non-government bank and designed a unique and pioneering fund strategy for investing in buyouts, special credits and distressed assets and led the fundraising of what became the largest PE fund in the country during the period of its launch in 2012. She has acquired a strong commercial outlook from senior roles in Strategy, Pricing and Acquisitions & Partnerships. But, in the grand scheme of things, he is one of the highest-paid rappers of all time per show. In her spare time, youll most likely find Dominique being taken for a walk by her dog or planning her next trip to fulfil an ambition of seeing classical opera in its country of origin. 161.97.131.216 The Covid-19 pandemic upended life as we knew it, crippled global economies and changed how we all . Ioannis holds a BA(Hons) in Economics from Durham University. Sav is a Relationship Manager with over 20 years experience in lending, origination and credit. In his spare time, he is either watching sports or playing Golf. 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. 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. Information about a company that has been registered at this address is available to us Narindar K Bhandari, LLC. Property of Mosaic Media Ventures Pvt. Monument therefore reflects our purpose as a new bank that will deliver strength, appreciation, and a visionary path forward. He is currently working on how to improve human judgement in public and private life. Monument has raised 10m in seed funding so far. We are also exploring and evaluating the credit markets in India. Mr. Bhandari is a graduate with distinction of the Massachusetts Institute of Technology (Mech Eng, S.B. Another entrepreneur in residence. Prena loves a good K-drama and is ready for an UNO cards challenge at any moment. A decade ago it would have cost billions to deliver the technology solutions that we can deliver for single digit millions, Bhandari said. Today, Dababy's reported net worth is around $7 million. 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. In her spare time, she finds a good evening walk boosts her energy and enjoys balcony gardening. Many of them have three, four, five, or six properties, and they almost become professional landlords on the side, says Bhandari. For a year or so before the investment, we were interacting actively interacting with BK Goenka. Bhandari said he was not fazed at the prospect of launching a new bank in the midst of a pandemic. 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. The world is going to get more competitive and efficient, and India must do the same if it is to develop its full potential. It was absolutely brutal. Steve holds a MA Economics from the University of Cambridge. Also, Welspun has great leadership and a deep, capable team committed to continuous improvement and accomplishment. 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. Starting at a reported $5 million in 2018, it stood at $6.5 million in 2022. He has an unrivalled breadth of experience, from operations through to commercial credit underwriting, advising private clients, running teams and managing relationships. And who said fintech is becoming boring? I actually experienced the pain myself, Mintoo Bhandari, Monuments chief executive and cofounder, told Yahoo Finance UK. 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. In his spare time, he will be playing superhero themed Lego. Hes interacted with almost all new UK entrants as either a regulator, advisor or investor. In his spare time, you would find him in a photography gallery or a museum with his camera on his shoulder or developing his analogue films at home. What is less well known is that the Monument was also designed as a landmark scientific instrument a giant telescope to advance knowledge. They can raise equity and they can raise senior secured bank debt but there isnt much available in-between. He is currently in the process of putting together a team in Mumbai. What were able to do is combine this modern technology with exceptional client service.. 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. 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 . Whilst a risk specialist, Nihars main hobby is building and growing banks. Today, the company is well-positioned as one of the most cost-efficient, largest-scale, highest-quality players in the global oil & gas pipeline market. Monument Bank Limited (10921940) is registered in England at 33 Cavendish Square, London, W1G 0PW. Monument Bank founder and chief executive Mintoo Bhandari. In his spare time, hes probably fishing (and says its called fishing, not catching, for good reason). Another thing we considered was that Welspun is very well known for its customer service. Prerna joined Monument's mobile team as an Android Developer focused on delivering innovative product features. 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. Excerpts: What attracted you to invest in Welspun? He worked in several digital agencies and has involved in professional teams before joining Monument. The action you just performed triggered the security solution. Apollo Management's real estate investment arm, Apollo Real Estate Advisors, currently runs a $650 million real estate private equity fund in . In love with history (and we hope numbers), Iestyn brings 20 years of diverse experience in Financial Services. One of the factors fundamental to the investments which we pursue in India is that we seek to ensure that the promoter we are backing has a vision similar to ours. Iestyn holds a BA in History from Aberystwyth University, an MBA from University of Warwick Business School and (of course) is a qualified accountant. He led, developed and oversaw . Monument is targeting clients worth between 250,000 and 5m, putting it in competition against the likes of HSBC and Barclays. Asia Pacific +65 6212 1000. Copyright The President and Fellows of Harvard College, Harvard T.H. EC2R 8EJ The need for technical excellence and reliability was highlighted during the BP oil spill. 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. That said, India has a history of and potential for leapfrogging. Property of Mosaic Media Ventures Pvt. He received an MBA from Maastricht School of Management and a graduate degree from National University of Singapore. 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. The report said that Kalpesh Kikani and Parth Gandhi will lead the Apollo and Aion Capital teams in India. 2 Beyonc - $3.5 million per show. Erdi holds a Bachelors degree in Computer Programming from Bahcesehir University in Istanbul, Turkey. Mintoo has served on the Board of more than 20 companies, with asset bases of many billions of dollars and many thousands of employees. Alex is our Chief Architect. Companies, with as little as a few million dollars in EBITDA, can go public. Created Date: 20211108104240Z . Dubai Investments Acquires Stake in Monument Bank, UK based Digital Bank. Feike is a Dutchman who has lived and worked in the UK for 14 years. Prior to founding Monument, Mr. Bhandari was, until early 2018, Senior Partner of Apollo Global Management (NYSE APO) and Senior Partner & Managing Director of Apollos India vehicles: AGM India Advisors Pvt Ltd and AION Capital Partners. 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 is really excited about his role at Monument helping to build and scale a truly modern, digitally enabled bank for our clients. We are a UK bank built to meet the needs of a community which deserves attention and recognition. End-of-year reflections and outlook for the new year: How 2020 changed fintech, Timing is everything: launching a bank amid COVID-19.
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