People like you, who work hard for their success, and appreciate everything it enables them to do and become. The project has drawn funding from City of London veterans including former Panmure Gordon chief executive Ian Axe and London property developer Chris Murray. So a lot of large institutions either retreated from the space or never really got adequate traction., The exception, in Bhandaris mind, is a particular well-known American credit card company that he praises for doing an excellent job in the space, but I think their model is still stuck in the 1980s and 1990s.. If I can summarise what excites us about Welspun, it is the unique combination of positioning and potential. Dubai Investments Acquires Stake in Monument Bank, UK based Digital Bank. Mintoo has finished Mintoo's high school education. In addition, AltFi runs major industry events around the world. For Bhandari, this is the second stint in Indian private equity space. 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. We have a real estate effort here and a team entirely focused on that sector. Led by Mintoo Bhandari, CEO, Monument received its "authorisation with restriction" (AWR) banking licence in October 2020. Mintoo Bhandari, director with WELSPUN ENTERPRISES LIMITED, is registered with the Ministry of Corporate Affairs (MCA), bearing DIN 00054831. He also has a passion for gardening, although thats not always clear looking at his garden. We bring decades of experience working in leading financial institutions and professional services. 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. Customers can also track their net worth and source advice on things like property law and inheritance. Meet the mass affluent 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. At Monument Bank, Mintoo Bhandari has 15 colleagues including Ian Rand (CEO), Vikash Gupta (Director) . 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. Sav later moved on to Relationship roles at Bank of Scotland, Lloyds and Metro Bank. 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. And we are indeed fortunate Monument is targeting clients worth between 250,000 and 5m, putting it in competition against the likes of HSBC and Barclays. 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 his spare time, he is on the PlayStation with his son or practicing Karate together. Performance & security by Cloudflare. 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 that goes with Apollos DNA, which is a value investor, making contrarian investments in high-grown markets like India, says Mintoo Bhandari, Apollo Managements Senior Partner and MD of its local affiliate AGM India Advisors. Do you have any plan to bring that in India? Welspuns principal business is the manufacture of large-diameter oil & gas pipes, used to build pipelines for transporting oil & gas, generally over long distances. Promoters must also be willing to transact in choppy markets. 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, in the grand scheme of things, he is one of the highest-paid rappers of all time per show. 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. Mintoo Bhandari - Senior Partner & Managing Director @ Apollo Apollo Management's real estate investment arm, Apollo Real Estate Advisors, currently runs a $650 million real estate private equity fund in . He has an unrivalled breadth of experience, from operations through to commercial credit underwriting, advising private clients, running teams and managing relationships. 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. 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. In his spare time, he is with his young family or serving as Trustee of the European School of Osteopathy. 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. 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. Mintoo has more than 25 years experience in investment management, credit origination, execution and oversight of financial institutions. This byline is mine, but I want my name removed. At that time, he was looking for capital and support to undertake a backward integration related to his principal business. Others on the management team at Monument have held senior roles at Barclays and UBS. Sav is a Relationship Manager with over 20 years experience in lending, origination and credit. It actually costs so much more to modernise your technology than build it from scratch, Khouri said. Also, Welspun has great leadership and a deep, capable team committed to continuous improvement and accomplishment. 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. 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. 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. DaBaby Net Worth - Let's Find Out! He led, developed and oversaw the development of AION, a market-leading credit-focused fund on behalf of Apollo Global Management and its banking partner ICICI. A lifelong Liverpool fan (along with fellow Celt Iestyn) he is basking in glory (for now). How does the deal-making environment look? But Bhandari is not worried. Ltd. Get daily update with our newsletter Subscribe Now ! 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. Steve holds a MA Economics from the University of Cambridge. Another thing we considered was that Welspun is very well known for its customer service. 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. 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 India, Apollo Is A Contrarian Investor: Mintoo Bhandari Monument Raises Over 28M in Series A Funding As we are in a hyper-growth environment in India, every company can look well-positioned. About Mintoo Bhandari. Mintoo Bhandari Founder & Managing Director. Much of what Bhandari describes is unproven, and hes frank that the banks plans will certainly change and evolve as it comes to market. First of all, Bhandari is keen to distinguish precisely who Monument Bank is talking about when it refers to the mass affluent. The colleagues of Mintoo Bhandari. A decade ago it would have cost billions to deliver the technology solutions that we can deliver for single digit millions, Bhandari said. Sav started his career at the Bank of Cyprus as a Graduate Trainee where he learnt the fundamentals of good lending and customer first relationship management. 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. Ltd. Get daily update with our newsletter Subscribe Now ! 5 The Rolling Stones - $2. Very few people know that Federica was also a ballet dancer. Investment Manager and Investor. Ioannis holds a BA(Hons) in Economics from Durham University. Were here for our clients and the level of service they deserve. in Mechanical Engineering and earned his MBA at Harvard. India and China are probably the most important emerging markets in the world. Information about a company that has been registered at this address is available to us Narindar K Bhandari, LLC. Market regulator SEBI has recently come out with changes to the takeover code, increasing the open offer limit to 25 per cent. Mr. Bhandari is a graduate with distinction of the Massachusetts Institute of Technology (Mech Eng, S.B. And if not, you will find him in the theatre with a glass of wine. London, We see that come to life at work too). 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 . What do you think of it? We think its a very positive, prudent move. 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. 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. The report said that Kalpesh Kikani and Parth Gandhi will lead the Apollo and Aion Capital teams in India. Monument has been in development for 18 months and currently has 12 full-time staff. 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. Alex is our Chief Architect. Monument Bank founder and chief executive Mintoo Bhandari. People who expect their loyalty to be rewarded and seek the service they deserve. 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. 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. Initially Monument will focus on lending, with Bhandari outlining ambitious goals, including 8-minute approvals on buy-to-let mortgages of up to 2m. With a very successful career over 35 years in banking, Niall brings a wealth of wisdom, knowledge and experience to Monument. 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. But in your hands, it can become so much more. Mintoo Bhandari is a Senior Partner & Managing Director at Apollo Global Management LLC. Wasim holds a MEng in Electrical and Electronic Engineering from Imperial College, London. UK challenger Monument lands restricted banking licence 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. What is less well known is that the Monument was also designed as a landmark scientific instrument a giant telescope to advance knowledge. The firm has appointed Mintoo Bhandari to head the India operations, who was till now a partner at the UK unit of Apollo Management. In his spare time, he pretends to go (and like) boxing. To be active under these conditions, investment firms have to be fundamentals-driven and contrarian. Andrew has won the Sunday Times award for Non-Executive Director of the Year in the public/not for profit sector. Historically, when you think about this group, you might think about premier banking, says Bhandari. Prerna joined Monument's mobile team as an Android Developer focused on delivering innovative product features. PDF Monument appoints Ian Rand as CEO Since both your investments are in listed companies, is Apollo Management more focused on PIPEs in India? 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. How did the transaction come about? 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. 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. The acquisition of one of the largest credit operations in India, GE Capital India, through the AION fund and then rebranded Clix Capital. 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. 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.. He actually started his career in Tech and now hes adding the Fin. Meenakshi K Bhandari, Narindar K Bhandari, and seven other persons spent some time in this place. 9 W 57 St, New York, NY 10019. When it launches in the Summer of 2021, the bank will provide savings . Multiple digital-first, app-only banks have launched in the UK in recent years but most have targeted ordinary current account holders or businesses. Copyright 2023 Surperformance. 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. With a career stemming from hospitality (including hotels and serviced offices), she brings a lot of experience in providing excellent service to the team and our visitors. So the opportunity to invest in sizeable private companies is much more limited here than it is in many other markets across the globe. Alex prefers two wheels and enjoys motorbikes, in addition to competing against himself in cycling and triathlon events across Europe. Asia Pacific +65 6212 1000. Instead the mass affluent sit just above the DIY retail market and might need extra service and support to deal with their increasingly complex financial lives. We 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. The action you just performed triggered the security solution. Even in the post-financial crisis world, where banking licences have become somewhat easier to obtain, its still a rare pleasure to meet a banks founder before its even launched. 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. Apollo is fundamentally a value investor and in a high-growth environment like India, that translates into being a contrarian investor. He is a past Chairman of the Singapore Indian Chamber of Commerce and currently an Emeritus Chairman. We are fundamentally a value-oriented and often contrarian investor. Prior to joining Apollo in 2006, Bhandari was managing director at The View Group. Niall was educated at Glenalmond College and at Gonville and Caius College, Cambridge. He wont tell most people, but he was once known for his inverted iron-cross and similar feats. Helene is a Non Executive Director with humm, the UK subsidiary of the consumer and commercial finance Australian-listed group. AltFi - Mintoo Bhandari This byline is for a different person with the same name. 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. Delivered Monday at midday. His net worth has increased steadily each year. But after a glass of whisky, the fun begins and the guitar is out. 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. In love with history (and we hope numbers), Iestyn brings 20 years of diverse experience in Financial Services. 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. Iestyn also supports the worlds greatest rugby nation, which for those outside Wales, is Wales. At Monument, he is determined to build a world class, plug-and-play banking platform. In her spare time, she finds a good evening walk boosts her energy and enjoys balcony gardening. Delivered Monday 9am EST/ 6am PST. The start-up evolved out of a belief that the mass affluent have gone "largely unaddressed by the [UK's] challenger bank boom". 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. 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. After starting his career at Price Waterhouse as an auditor, he has worked in retail banking for nearly 25 years. 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). Monument claims to be the first digital challenger in the mass affluent space. 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. 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. 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 are a UK bank built to meet the needs of a community which deserves attention and recognition. Works at Study (chess) Lives in Ludhiana, Punjab, India. What do you think of the Indian PE market, compared to the Chinese markets? Monument Bank is in the late stages of securing a banking licence and expects to launch later this year. 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. He is currently in the process of putting together a team in Mumbai. Your IP: Photo: Monument A new digital-only bank backed by City of London veterans and targeting the UK's "mass affluent" is set to launch. She has acquired a strong commercial outlook from senior roles in Strategy, Pricing and Acquisitions & Partnerships. They can raise equity and they can raise senior secured bank debt but there isnt much available in-between. 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. After graduating, she spent 9 years in operational leadership roles within customer service and mortgage & insurance sales before making the transition to HR. These sectors include chemicals, oil & gas, metals and mining, financial & business services and media distribution. 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. Having started his career at Lloyds, he joined us from Target Group, where he held CFO and interim CEO positions. Hes built, led and transformed businesses at HSBC, The Co-operative Bank (working on their well-publicised transformation) and the fintech, 10x Future Technologies. 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. He is the Honorary Consul of the Republic of Mali in Singapore. 161.97.131.216 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.. We have that in BK Goenka. Read more: RBS abandons Monzo-challenger B. 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. (212) 515-3200. Apollo Global's Mintoo Bhandari takes on advisory role, to move to UK In addition, AltFi runs major industry events around the world. There will always be rise and fall in transaction volumes in sync with enthusiasm level and capital availability in the markets. Age : 57. A new digital-only bank backed by City of London veterans and targeting the UKs mass affluent is set to launch within months. Iestyn holds a BA in History from Aberystwyth University, an MBA from University of Warwick Business School and (of course) is a qualified accountant. As a Product Manager at Monument, Ioannis is intent on making financial institutions more than just places to store and access money. He is also the Chair at Which? 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. Another entrepreneur in residence. Our technology leader. Copyright 2023 VCCircle.com. Dominique believes that her interchangeable experience has been invaluable and helps her to provide meaningful strategic partnering to the business. Steve brings 30+ years of technology management experience to our Board. Digital bank for 'mass affluent' set to launch later this year Mintoo is currently living at 8228 Verbeck Driv, Manlius, NY 13104-9320. EMEA +44 20 7330 7500. Currently he is CIO at Bupa, and prior to that he was CIO and subsequently COO at The Co-operative Bank plc where he led a successful technology migration and was a key member of the Executive team which turned the bank around. The one thing that they have in common is growth both the economies are likely to grow into the foreseeable future. Digital bank for 'mass affluent' set to launch later this year But, for now, the ambitious founder is outlining a retail digital banking model quite unlike whats come before. Prologue, partie 2 : les progrs accomplis dans la ralisation de l'ODD 6 Globally, Apollo is also very active in credit markets and real estate. In his spare time, hes probably assessing the risk of a recent news article if not cooking, wine tasting or wine collecting (he has a level-3 diploma from the Wine & Spirits Education Trust), reading and running. 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. Biography of Mintoo Bhandari - The Official Board Mintoo Bhandari - Senior Partner for Apollo Global Management, LLC Financial Services. Find out more, 1 Poultry, And we would like to see a minimum of 1 per cent of that amount or roughly $150 million, deployed in every transaction. 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. 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. in Electrical and Electronics Engineering and a MBA from IIT, Delhi. One of the elements that we look for is the quality and depth of management, which Welspun has in abundance. And the one thing that India sorely needs to sustain its growth and become more competitive is improved infrastructure. If hes not training for his next race he is probably talking about it. Created Date: 20211108104240Z . Prena loves a good K-drama and is ready for an UNO cards challenge at any moment. 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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.