He was previously a partner and Group Finance Director at Omni Partners and Amicus Finance, and interim CFO and COO at Cambridge & Counties Bank. The Economic Times, which reported the development earlier on Wednesday, said Bhandari would continue to . But, in the grand scheme of things, he is one of the highest-paid rappers of all time per show. Apollo invests from its $14.7 billion global fund. 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. Mintoo Bhandari is currently associated with Welspun Enterprises Limited appointed as Nominee Director and the paid-up capital Welspun Ente See More. Hes also our resident sommelier. Our lending and membership products are not included within the scope of this regulation; for more information, please see the Financial Services Register. 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'. 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. Bhandari will now be proactively work with Nobel Peace laureate Kailash Satyarthi and help his foundation raise money for social causes, the sources said. 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. 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. Also, Welspun has great leadership and a deep, capable team committed to continuous improvement and accomplishment. Copyright 2023 Surperformance. Works at Study (chess) Lives in Ludhiana, Punjab, India. Sav later moved on to Relationship roles at Bank of Scotland, Lloyds and Metro Bank. Generali's No.3 investor Caltagirone withholds backing for 2022 accounts -sources, Musk says Tesla likely to launch full self-drive technology 'this year', Exclusive: JPMorgan employees gripe about Dimon's return-to-office edict, SpaceX rocket explosion illustrates Elon Musk's 'successful failure' formula, Cucinelli posts 33% rise in Q1 sales, confirms 2023 revenue growth forecast, Exclusive-Peter Thiel, Republican megadonor, won't fund candidates in 2024 - sources, Virginia Governor Youngkin 'humbled' by talk of possible presidential run, European Midday Briefing: Mood Brighter After -2-, Tim Cook unveils new Apple store in India, Morgan Stanley's dealmaking CEO Gorman signals more transactions to come, EAST PIPES INTEGRATED COMPANY FOR INDUSTRY. He lives in London, England with his wife and two daughters. Prior to that time, Mr. Bhandari was managing director of The View Group, an India-focused private equity firm. Before that, he worked with Harvard Management Company which manages the endowment of Harvard University. 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. I actually experienced the pain myself, Mintoo Bhandari, Monuments chief executive and cofounder, told Yahoo Finance UK. He is actively involved in social work and is a Patron of the Taman Jurong Citizenship Consultative Committee. Iestyn holds a BA in History from Aberystwyth University, an MBA from University of Warwick Business School and (of course) is a qualified accountant. During his career he has worked as a C++ developer / DBA and Sys Admin, so brings this experience to his current role. We think that there will be very attractive opportunities in the arena but they will have to be pursued carefully as the sector still has some challenges ahead. 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. 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. Mintoo has served on the Board of more than 20 companies, with asset bases of many billions of dollars and many thousands of employees. Monument is targeting clients worth between 250,000 and 5m, putting it in competition against the likes of HSBC and Barclays. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. And the one thing that India sorely needs to sustain its growth and become more competitive is improved infrastructure. 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. Mintoo Bhandari Founder & Managing 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. It was absolutely brutal. We make better and faster decisions thanks to Anita. In her spare time, Federica loves to go the gym to practice Barre, Yoga and Pilates. As we are in a hyper-growth environment in India, every company can look well-positioned. Property of Mosaic Media Ventures Pvt. Excerpts: What attracted you to invest in Welspun? Monument claims to be the first digital challenger in the mass affluent space. 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. Mintoo graduated from MIT with a S.B. Dominique believes that her interchangeable experience has been invaluable and helps her to provide meaningful strategic partnering to the business. 87) and the Harvard Business School (MBA 92), AltFi provides market-leading news, opinion, insights and events for the rapidly-growing alternative finance and fintech community. Click to reveal 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. Ian has worked in finance for over 20 years, most recently leading Business Banking at Barclays, and during his career has developed 2 passions for clients, and the technology that helps them fulfil their ambitions. 9 W 57 St, New York, NY 10019. Before joining us, Ioannis headed up the innovation efforts for NatWests wealth management businesses, which include the Coutts & Co. and NatWest Premier brands. So the opportunity to invest in sizeable private companies is much more limited here than it is in many other markets across the globe. In his spare time, you might find him working on charitable initiatives or in the gym. 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. How did the transaction come about? Hes built, led and transformed businesses at HSBC, The Co-operative Bank (working on their well-publicised transformation) and the fintech, 10x Future Technologies. 27,324 executive movements have been recorded in the last 12 months. Starting at a reported $5 million in 2018, it stood at $6.5 million in 2022. FOUNDER, HEAD OF GLOBAL INSTITUTIONAL RELATIONSHIPS. And who said fintech is becoming boring? Net Worth Growth. Globally, Apollo is also very active in credit markets and real estate. India and China are probably the most important emerging markets in the world. 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. 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. Ask him about his soup diet. After graduating, she spent 9 years in operational leadership roles within customer service and mortgage & insurance sales before making the transition to HR. She also runs her own business and property development company. Do you have any plan to bring that in India? For Bhandari, this is the second stint in Indian private equity space. The need for technical excellence and reliability was highlighted during the BP oil spill. 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. But in your hands, it can become so much more. 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. 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. 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. Bhandari is also on the board of directors of Welspun Corporation where Apollo invested $350 million in 2011. 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. He also has a passion for gardening, although thats not always clear looking at his garden. 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. 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. Mintoo Bhandari is a Senior Partner & Managing Director at Apollo Global Management LLC. Sav is a Relationship Manager with over 20 years experience in lending, origination and credit. In his spare time, Ioannis loves discovering new restaurants to visit with friends and will always try the latest food fad. 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. See Photos. In addition to Apollo Global Management, Bhandari led Aion Capital Partners, which is a joint venture between Apollo Global Management and ICICI Bank. Our core focus is on disruption to lending, banking and investing, including alternative lending, challenger banks and digital wealth management. EMEA +44 20 7330 7500. 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. 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. 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. And if not, you will find him in the theatre with a glass of wine. 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. 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 one thing that they have in common is growth both the economies are likely to grow into the foreseeable future. Promoters must also be willing to transact in choppy markets. in Mechanical Engineering and earned his MBA at Harvard. For his contributions to Society and to the business community, he was bestowed the PBM (Pingat Bakti Masyarakat The Public Service Medal) by the President of the Republic of Singapore in 2009. 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. About Mintoo Bhandari. Dubai Investments Acquires Stake in Monument Bank, UK based Digital Bank. He has vast experience in team building, fund-raising and establishing strategic partnerships, which along with his consumer service and broad management background are key skills to complement the Board. Corporate author : UNESCO World Water Assessment Programme Person as author : Connor, Richard [author] Person as author : Coates, David [author] We think there will be significant benefits to companies if the market has a wide variety of options. Helene is also a Trustee on the EDHEC Business Schools foundation. In the past Mr. Bhandari was Director & Global Head-Corporate . He is helping to build a world class, plug-and-play banking platform at Monument. But after a glass of whisky, the fun begins and the guitar is out. And some of its potential can be realised through backward integration and consolidation in a market that is still fragmented and has few focused and committed players. 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. 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. One of the elements that we look for is the quality and depth of management, which Welspun has in abundance. Here, at Monument, he is doing much of the same, except this time he is also solving a frustration he's personally experienced. 4 Ed Sheeran - $2.4 million per show. We are also exploring and evaluating the credit markets in India. Prior to that, he spent 7 years at Barclays Wealth in the UK. 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. Bhandari has led deals in Avantha Holdings and the buyout of GE Capital Services and Planet cast Media services. Her positivity and energy is vital to our team and her desire to do a good job shines through. In her spare time, she is enjoying art, food and wine preferably all together! Hes also held roles at Booz & Company and at Sapient as a technologist. 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. 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. January 26 2023. In love with history (and we hope numbers), Iestyn brings 20 years of diverse experience in Financial Services. We are also looking at different opportunities in real estate space, but are doing so in a very measured manner. Technical excellence was a key area when we assessed the company. Apollo Management's real estate investment arm, Apollo Real Estate Advisors, currently runs a $650 million real estate private equity fund in . Martin is currently a NED at Oakbrook Finance and was Chairman of Castlight Financial until very recently when it was acquired by Equifax. We are fundamentally a value-oriented and often contrarian investor. The Covid-19 pandemic upended life as we knew it, crippled global economies and changed how we all . The . But an investment firm considering these markets has to develop a carefully tailored strategy for each market, as they are very different. Monument therefore reflects our purpose as a new bank that will deliver strength, appreciation, and a visionary path forward. 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. At that time, he was looking for capital and support to undertake a backward integration related to his principal business. I would say that PE investment, in general, is somewhat cyclical. Niall is also the Chairman of the College Council at Glenalmond College and a NED at Non-Standard Finance. Sure, Lil Wayne is way behind Taylor Swift and Beyonc. Our technology leader. He worked in several digital agencies and has involved in professional teams before joining Monument. How does the deal-making environment look? In the Banking industry, Mintoo Bhandari has 83,692 colleagues in 4,890 companies located in 188 countries. Market regulator SEBI has recently come out with changes to the takeover code, increasing the open offer limit to 25 per cent. 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). 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. Americas +1 212 318 2000. Mintoo Bhandari. He was the Vice-Chairman of the Singapore Business Federation, and Council Member of ASEAN Chamber of Commerce and Industry. Monument Banks app will allow customers to video call and chat with relationship managers, as well as apply for buy-to-let property loans entirely digitally. However, it is not as easy as it might sound; its a big challenge and requires substantial effort. People like you, who work hard for their success, and appreciate everything it enables them to do and become. 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. Here, at Monument, he is doing much of the same, except this time he is also solving a frustration hes personally experienced. Summary. Whilst a risk specialist, Nihars main hobby is building and growing banks. She has acquired a strong commercial outlook from senior roles in Strategy, Pricing and Acquisitions & Partnerships. Anita is a member of Women on Boards UK and holds a BSc degree in Psychology from the University of Durham. What do you think of the Indian PE market, compared to the Chinese markets? As a Product Manager at Monument, Ioannis is intent on making financial institutions more than just places to store and access money. Potential clients include bankers, lawyers, property developers, and doctors. Monument Bank is in the late stages of securing a banking licence and expects to launch later this year. But we believe that the best promoters are those who put a premium on having the right partner, rather than a placid market. She is also the co-founder of a female charity network. Led by Mintoo Bhandari, CEO, Monument received its "authorisation with restriction" (AWR) banking licence in October 2020. In addition, AltFi runs major industry events around the world. He is also the Chair at Which? He is a past Chairman of the Singapore Indian Chamber of Commerce and currently an Emeritus Chairman. Mr. Bhandari joined Apollo in 2006. So, at times, the hardest work is to verify that a company is well-positioned in reality and that it is not just the rising tide that is colouring our perception. In his spare time, he will be playing superhero themed Lego. If hes not training for his next race he is probably talking about it. Monument estimates that there are around 3.5 million mass affluent people in Britain with a combined 200bn in cash between them. There will always be rise and fall in transaction volumes in sync with enthusiasm level and capital availability in the markets. Alex prefers two wheels and enjoys motorbikes, in addition to competing against himself in cycling and triathlon events across Europe. We believe that the blended entry price we were able to create at Welspun is very compelling and that it compares very favourably to other private equity deals done in India over the past decade. 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. Read more: RBS abandons Monzo-challenger B. We have that in BK Goenka. Photo: Monument A new digital-only bank backed by City of London veterans and targeting the UK's "mass affluent" is set to launch. Mintoo spent most of his career as an investor, building teams, and developing forward thinking institutions. Mintoo has more than 25 years experience in investment management, credit origination, execution and oversight of financial institutions. A busy Dad, in his spare time enjoys the UK live music scene and doing his bit to support emerging artists. One of the characteristics which attracted us to Welspun is that it operates at the intersection of two of our larger focus areas metals and oil & gas. 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. He brings with him over 30 years of technology experience across a wide range of financial services organisations. 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 wont tell most people, but he was once known for his inverted iron-cross and similar feats. 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. What is less well known is that the Monument was also designed as a landmark scientific instrument a giant telescope to advance knowledge. 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. 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. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under FRN 849724. All we're doing is saying, come to us for service, come to us for better deposit rates, come to us for complex lending.. Typically, Apollo will look to invest anywhere between $150 million and $1 billion out of this current global fund. 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.
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