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. Fintech and alternative finance headlines with an exclusive Editor's Note each week. 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. AltFi - Mintoo Bhandari During his career he has worked as a C++ developer / DBA and Sys Admin, so brings this experience to his current role. 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). 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. Close to home, our portfolio companies may not deliver on their potential if the infrastructure does not improve. Mintoo Bhandari Profiles | Facebook An entrepreneur and co-founder, Vikash brings a diverse range of knowledge and experience. 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. Meet the mass affluent The Covid-19 pandemic upended life as we knew it, crippled global economies and changed how we all . Monument Bank founder: Mass affluent banking is our path to Many of them have three, four, five, or six properties, and they almost become professional landlords on the side, says Bhandari. At that time, he was looking for capital and support to undertake a backward integration related to his principal business. Monuments plan is to do mass affluent banking better, and to reach profitability within 24 months of launch. Do you have any plan to bring that in India? 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. But stay where you are for your current account. 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. Buyout Fund Apollo Hires Mintoo Bhandari To Head India Ops He claims its with his son; but the jury is out. 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. Property of Mosaic Media Ventures Pvt. The one thing that they have in common is growth both the economies are likely to grow into the foreseeable future. I actually experienced the pain myself, Mintoo Bhandari, Monuments chief executive and cofounder, told Yahoo Finance UK. These sectors include chemicals, oil & gas, metals and mining, financial & business services and media distribution. Sudip holds a B.E. 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. Steve holds a MA Economics from the University of Cambridge. In his spare time, he will be playing superhero themed Lego. 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. Very few people know that Federica was also a ballet dancer. Promoters must also be willing to transact in choppy markets. A risk expert through and through, Martin held senior roles at a variety of large institutions as well as some recent Fintechs. Before joining Apollo in 2006, he had . This byline is mine, but I want my name removed. 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. Here, at Monument, he is doing much of the same, except this time he is also solving a frustration hes personally experienced. As a regulator (FSA and then PRA/FCA), he managed the Change in Control team and was responsible for approving several high-profile new bank entrants, after which he was hired to grow PwCs bank start-up team, making it a market leading practice. 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. Monument has raised 10m in seed funding so far. 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 her spare time, Helene seeks new experiences and is an arts & art de vivre lover. In love with history (and we hope numbers), Iestyn brings 20 years of diverse experience in Financial Services. One of the elements that we look for is the quality and depth of management, which Welspun has in abundance. How did the transaction come about? The world is going to get more competitive and efficient, and India must do the same if it is to develop its full potential. Cloudflare Ray ID: 7c0e749e1df7382b He worked in several digital agencies and has involved in professional teams before joining Monument. About Mintoo Bhandari. Fiona has a varied portfolio of Non-Executive Director roles including Melton Building Society, Nexa Finance, and VisitEngland. Steve brings 30+ years of technology management experience to our Board. Property of Mosaic Media Ventures Pvt. For a year or so before the investment, we were interacting actively interacting with BK Goenka. In his spare time, he is with his young family or serving as Trustee of the European School of Osteopathy. Conor holds a BSc (Hons) and a postgraduate certificate in healthcare finance and is currently completing his studies at the University of Oxford in fintech. She holds a degree in Science in Planning and Urban Design from the University of Naples Federico II. The acquisition of one of the largest credit operations in India, GE Capital India, through the AION fund and then rebranded Clix Capital. The 15 per cent threshold was rather low and I think it had artificially created a differential between investor intent and regulatory burden. 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. Whilst a risk specialist, Nihars main hobby is building and growing banks. With over 20 years of experience, Graham has worked as Operations Manager at Thomson Reuters and Alibaba and brings his wealth of experience to Monument. 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. He joined Apollo in 2006 in its New York headquarters, worked in the London office and then launched Apollos India advisory firm (AGM India Advisors Pvt Ltd) in Mumbai in 2008 and continued to serve on Apollo related Boards until 2021. Contact Mintoo, search articles and Tweets, monitor coverage, and track replies from one place. Monument claims to be the first digital challenger in the mass affluent space. 3 Bruno Mars - $2.9 million per show. Conor is all about tailored lending solutions for you. 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. They can raise equity and they can raise senior secured bank debt but there isnt much available in-between. Copyright 2023 Surperformance. Monument estimates that there are around 3.5 million mass affluent people in Britain with a combined 200bn in cash between them. At Monument Bank, Mintoo Bhandari has 15 colleagues including Ian Rand (CEO), Vikash Gupta (Director) . In our deal flow development, we tend to be very outbound-oriented and try to stay in active dialogue with promoters in these sectors. But given the regulatory process and the hurdles today, it is very complicated and somewhat impractical to take a company private in partnership with a promoter group. 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. Mintoo Bhandari - Fintech Finance Dominique studied Business Administration at BCHE, Brunel University specialising in Economics and International Finance. 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. 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. Asia Pacific +65 6212 1000. Before that, he worked with Harvard Management Company which manages the endowment of Harvard University. United Kingdom, Alternative Lending During A Downturn Report, Revolut and Atom Bank investor slashes fintech valuations, Female Invest: Meet the women taking on the gender finance gap, Gradual homeownership fintech Wayhome raises 8m Series A, Klarna positions itself as more than BNPL with suite of AI-powered tools, ClearBank appoints ex-PayPal and WorldPay exec as new CPO. Passionate about customer service, in-app experiences, and creative content that drives engagement, Laura seeks to nurture the best matched brand relationships for Member Services. These are the sectors which Apollo knows well globally and therefore, we are confident of adding value to those here in India. He was a Term Trustee in Singapore Indian Development Association (SINDA) for a period of 12 years. Having started his career at Lloyds, he joined us from Target Group, where he held CFO and interim CEO positions. The Economic Times, which reported the development earlier on Wednesday, said Bhandari would continue to . AltFi provides market-leading news, opinion, insights and events for the rapidly-growing alternative finance and fintech community. 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. People who expect their loyalty to be rewarded and seek the service they deserve. Age : 57. Bhandari has led deals in Avantha Holdings and the buyout of GE Capital Services and Planet cast Media services. The firm has appointed Mintoo Bhandari to head the India operations, who was till now a partner at the UK unit of Apollo Management. But an investment firm considering these markets has to develop a carefully tailored strategy for each market, as they are very different. Hes also worked at the world's largest university endowment (Harvard University) as an investor and served on the Boards of more than 20 companies across three continents. 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. 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 . We think there will be significant benefits to companies if the market has a wide variety of options. Alex is our Chief Architect. 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. We bring decades of experience working in leading financial institutions and professional services. Her positivity and energy is vital to our team and her desire to do a good job shines through. Prior to focusing his efforts on investing in India, Mr. Bhandari began his investing career at the Harvard Management Company (which manages the endowment of Harvard University) and was later a member of a Harvard affiliated team providing advice on privatization, enterprise restructuring and the sourcing of foreign direct investment in Russia and other emerging markets. Since lockdown Sav has become a keen runner and has also developed a mild obsession with his daily step count. In her spare time, Federica loves to go the gym to practice Barre, Yoga and Pilates. Prerna holds a B-Tech in Computer Science from Visvesvaraya Technological University, India. Biography of Mintoo Bhandari - The Official Board Learn more about Banking. The next steps that PE investors would like to see in the evolution of the regulatory environment are those that will allow us to help take companies private efficiently. More recently, Anita has been focused on supporting digital start-up banks develop and execute their corporate strategy. Prerna joined Monument's mobile team as an Android Developer focused on delivering innovative product features. 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. Read more: RBS abandons Monzo-challenger B. Iestyn also supports the worlds greatest rugby nation, which for those outside Wales, is Wales. She joined us from London Executives Offices where she was a Deputy Manager. Dubai Investments Acquires Stake in Monument Bank, UK based Digital Bank. People like you, who work hard for their success, and appreciate everything it enables them to do and become. 5 The Rolling Stones - $2. Another thing we considered was that Welspun is very well known for its customer service. Prior to that, he spent 7 years at Barclays Wealth in the UK. Were here for our clients and the level of service they deserve. Also, what is the sweet spot for your investments? We have a real estate effort here and a team entirely focused on that sector. We see that come to life at work too). in Mechanical Engineering and earned his MBA at Harvard. Bhandari will now be proactively work with Nobel Peace laureate Kailash Satyarthi and help his foundation raise money for social causes, the sources said. 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. After starting his career at Price Waterhouse as an auditor, he has worked in retail banking for nearly 25 years. He has also held senior fiduciary, asset management positions at the world's largest university endowment (Harvard University) and Apollo Global Management ("APO" - NYSE). Corporate author : UNESCO World Water Assessment Programme Person as author : Connor, Richard [author] Person as author : Coates, David [author] Dubai Investments Acquires Stake in Monument Bank, UK based Digital Bank. Wasim is obsessed with two things: a client-first approach and use of modern technology to deliver our strategy. But, for now, the ambitious founder is outlining a retail digital banking model quite unlike whats come before. But we believe that the best promoters are those who put a premium on having the right partner, rather than a placid market. I think the evolution of digital has gone from a 5 or 10 year cycle to a three month cycle, he said. 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.. Summary. Works at Study (chess) Lives in Ludhiana, Punjab, India. Before joining Apollo in 2006, he had worked with The View Group, an India-focused private equity firm investing $1-$3 million per transaction. He led, developed and oversaw . A lifelong Liverpool fan (along with fellow Celt Iestyn) he is basking in glory (for now). London,
The project has drawn funding from City of London veterans including former Panmure Gordon chief executive Ian Axe and London property developer Chris Murray. He was the Vice-Chairman of the Singapore Business Federation, and Council Member of ASEAN Chamber of Commerce and Industry. And we are indeed fortunate Apollo Management's real estate investment arm, Apollo Real Estate Advisors, currently runs a $650 million real estate private equity fund in . 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 . Which is, you know, a very large sum, but this [mass affluent] community is the most creditworthy segment of the market., Bhandari says Monuments data-driven process of analysing and affirming credit quality will mean the bank has single basis point credit risk, which is almost unheard of.. Dominique believes that her interchangeable experience has been invaluable and helps her to provide meaningful strategic partnering to the business. Less classical is how Monument will operate, by harnessing the growing power of open banking. Click to reveal London,
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. Sure, Lil Wayne is way behind Taylor Swift and Beyonc. The colleagues of Mintoo Bhandari. We are also exploring and evaluating the credit markets in India. Monument Bank founder and chief executive Mintoo Bhandari. Welspuns principal business is the manufacture of large-diameter oil & gas pipes, used to build pipelines for transporting oil & gas, generally over long distances. ( Originally published on Feb 07, 2018 ), Care Hospitals Buyout: Max Healthcare Sues TPG, GST Collections Hit Monthly High of 1.87 L cr in April, Brookfield Picks up 51% in Realty JV with Bharti, Apollo Management India head Mintoo Bhandari moves to advisory role, to focus on philanthropy, Terms of Use & Grievance Redressal Policy. 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. Ltd. Get daily update with our newsletter Subscribe Now ! He lives in London, England with his wife and two daughters. Mintoo Bhandari from Old Westbury, NY, age 57 | Veriforia Investment Manager and Investor. Helene brings a 30-year career in Financial Services, most recently as CFO at Capital One UK and of European CFO at EVO Payments. FOUNDER, HEAD OF GLOBAL INSTITUTIONAL RELATIONSHIPS Mintoo spent most of his career as an investor, building teams, and developing forward thinking institutions. In the Banking industry, Mintoo Bhandari has 83,692 colleagues in 4,890 companies located in 188 countries. In his spare time, hes probably fishing (and says its called fishing, not catching, for good reason). We and many other private equity firms active in India recognise that there may be an opportunity in providing more flexible financing. 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. Mintoo Bhandari is a Senior Partner & Managing Director at Apollo Global Management LLC. It was absolutely brutal. 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. 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. Sav is a Relationship Manager with over 20 years experience in lending, origination and credit. Read more: Starling CEO Anne Boden on Bounce Back loans and growing during COVID-19 pandemic. Mintoo Bhandari, a former managing director at Apollo Global Management, is leading the venture alongside Brooker. Apollo is fundamentally a value investor and in a high-growth environment like India, that translates into being a contrarian investor. He actually started his career in Tech and now hes adding the Fin. Fintech. 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. 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. Mintoo Bhandaris bank is on a mission to help millionaires.
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