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. Welspuns principal business is the manufacture of large-diameter oil & gas pipes, used to build pipelines for transporting oil & gas, generally over long distances. 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. Minda Corp moves competition watchdog for buying stake in rival, Two suitors left as race narrows for TPG's stake in green energy firm, Prolific angel investor Rajesh Sawhney's GSFshown red signal for delayed VC fund, PE firm WestBridge Capital bumps up stake in private lender, Grapevine: Tiger Global exits Freshworks; Cred's Shah taps GIC for new NBFC, World Bank set to launch more robust, transparent business climate rankings, Apollo Globals Mintoo Bhandari takes on advisory role, to move to UK. After graduating, she spent 9 years in operational leadership roles within customer service and mortgage & insurance sales before making the transition to HR. All we're doing is saying, come to us for service, come to us for better deposit rates, come to us for complex lending.. In the past Mr. Bhandari was Director & Global Head-Corporate . All rights reserved. Download The Economic Times News App to get Daily Market Updates & Live Business News. 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. Monument claims to be the first digital challenger in the mass affluent space. How did the transaction come about? In his own words: I can just keep going. Fintech. Niall is also the Chairman of the College Council at Glenalmond College and a NED at Non-Standard Finance. He was a Term Trustee in Singapore Indian Development Association (SINDA) for a period of 12 years. Mintoo Bhandaris bank is on a mission to help millionaires. 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. As an academic, Andrews working and non-working time tend to merge. 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. 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'. Minda Corp moves competition watchdog for buying stake in rival, Two suitors left as race narrows for TPG's stake in green energy firm, Prolific angel investor Rajesh Sawhney's GSFshown red signal for delayed VC fund, PE firm WestBridge Capital bumps up stake in private lender, Grapevine: Tiger Global exits Freshworks; Cred's Shah taps GIC for new NBFC, World Bank set to launch more robust, transparent business climate rankings, In India, Apollo Is A Contrarian Investor: Mintoo Bhandari. Click to reveal Much of what Bhandari describes is unproven, and hes frank that the banks plans will certainly change and evolve as it comes to market. Andrew has won the Sunday Times award for Non-Executive Director of the Year in the public/not for profit sector. First of all, Bhandari is keen to distinguish precisely who Monument Bank is talking about when it refers to the mass affluent. 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. Apollo never does hostile takeovers; we only do friendly deals. Sav is a Relationship Manager with over 20 years experience in lending, origination and credit. As a journalist, you can create a free Muck Rack account to customize your profile, list your contact preferences, and upload a portfolio of your best work. Monument Bank is in the late stages of securing a banking licence and expects to launch later this year. Net Worth Growth. 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. 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. Promoters must also be willing to transact in choppy markets. Mintoo Bhandari, director with WELSPUN ENTERPRISES LIMITED, is registered with the Ministry of Corporate Affairs (MCA), bearing DIN 00054831. 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. Mintoo Bhandari Active New York, NY Senior Partner for Apollo Global Management, LLC (212)515-3200 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. With a very successful career over 35 years in banking, Niall brings a wealth of wisdom, knowledge and experience to Monument. He was the Vice-Chairman of the Singapore Business Federation, and Council Member of ASEAN Chamber of Commerce and Industry. We and many other private equity firms active in India recognise that there may be an opportunity in providing more flexible financing. Our technology leader. Works at Study (chess) Lives in Ludhiana, Punjab, India. 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. As stone replaced wood, the Citys foundation became stronger. He has an unrivalled breadth of experience, from operations through to commercial credit underwriting, advising private clients, running teams and managing relationships. Wasim holds a MEng in Electrical and Electronic Engineering from Imperial College, London. Technical excellence was a key area when we assessed the company. But in your hands, it can become so much more. Martin is currently a NED at Oakbrook Finance and was Chairman of Castlight Financial until very recently when it was acquired by Equifax. Market regulator SEBI has recently come out with changes to the takeover code, increasing the open offer limit to 25 per cent. Read more: RBS abandons Monzo-challenger B. As Chief of Staff, Anita drives company-wide progress on critical projects and strategic initiatives. I actually experienced the pain myself, Mintoo Bhandari, Monuments chief executive and cofounder, told Yahoo Finance UK. Asia Pacific +65 6212 1000. In fact, some customers referred to Welspuns pipes as the gold standard in the industry. There are further proofs of the companys superior technical skills and capabilities. Mintoo Bhandari Chief Executive Officer Monument Bank Limited Bank CEO announces that Monument achieves full banking licence. Companies, with as little as a few million dollars in EBITDA, can go public. We can democratise service thats available to the Ultra High Net Worth community and the way we can do that is because of the collapse in technology cost.. 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. He is a past Chairman of the Singapore Indian Chamber of Commerce and currently an Emeritus Chairman. Apollo Management's real estate investment arm, Apollo Real Estate Advisors, currently runs a $650 million real estate private equity fund in . 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. 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. 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. In his spare time, Ioannis loves discovering new restaurants to visit with friends and will always try the latest food fad. Now, people are saying: actually I would really love that., Senior City Correspondent, Yahoo Finance UK, RBSs recent decision to shut its digital challenger bank Bo, Analysis-Japan's automakers have a made-in-China sales crisis, RPT-GLOBAL MARKETS-Stocks stuck, Aussie dlr surges after RBA surprise, Australian landlords push back on property valuation doomsday, Australia Signals More Tightening After Surprise Rate Hike, Most Japanese shares retreat on banking jitters ahead of Golden Week break. Manta Bhandari. What do you think of it? Mr. Rajaram is Chairman of Millennium Spire Investment Holding Ltd. and Chairman at K&L Gates Straits Law LLC. In many such cases, it would be in the best interest of the public shareholders to offer them a fair and clean exit. 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. Before joining Apollo in 2006, he had worked with The View Group, an India-focused private equity firm investing $1-$3 million per transaction. Prena loves a good K-drama and is ready for an UNO cards challenge at any moment. 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 . Ltd. Get daily update with our newsletter Subscribe Now ! 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. He is really excited about his role at Monument helping to build and scale a truly modern, digitally enabled bank for our clients. Learn more about Banking. Bhandari is also keen to devote more time to the social sector and will work closely with Nobel laureate Kailash Satyarthi and Harvard Endowment Fund, said the person cited above. In his spare time, hes watching football and hasnt missed a Wales game in 8 years. 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. 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. Iestyn holds a BA in History from Aberystwyth University, an MBA from University of Warwick Business School and (of course) is a qualified accountant. Property of Mosaic Media Ventures Pvt. "I actually experienced the pain. As a Product Manager at Monument, Ioannis is intent on making financial institutions more than just places to store and access money. (212) 515-3200. What were able to do is combine this modern technology with exceptional client service.. Buy-to-let and bridge-to-let are core products that Monument will launch with, designed to appeal to the banks wealthy target audience. 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, most companies of any scale are already publicly traded. Do you see more opportunities during this current uncertainty? 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. 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. Starting at a reported $5 million in 2018, it stood at $6.5 million in 2022. A decade ago it would have cost billions to deliver the technology solutions that we can deliver for single digit millions, Bhandari said. Our core focus is on disruption to lending, banking and investing, including alternative lending, challenger banks and digital wealth management. To burn off the calories Ioannis run marathons. 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 acquisition of one of the largest credit operations in India, GE Capital India, through the AION fund and then rebranded Clix Capital. I think the evolution of digital has gone from a 5 or 10 year cycle to a three month cycle, he said. And the one thing that India sorely needs to sustain its growth and become more competitive is improved infrastructure. Today, Apollo is a leading investor in the global chemicals industry and a very meaningful investor in the rest of those sectors as well. 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. Summary. But stay where you are for your current account. Monument therefore reflects our purpose as a new bank that will deliver strength, appreciation, and a visionary path forward. 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. The report said that Kalpesh Kikani and Parth Gandhi will lead the Apollo and Aion Capital teams in India. But after a glass of whisky, the fun begins and the guitar is out. 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. For Bhandari, this is the second stint in Indian private equity space. In his spare time, he is on the PlayStation with his son or practicing Karate together. He needs to be focused on creating meaningful value and committed to continuous improvement. He has a big vision and great personal drive to achieve a tremendous amount. We are a UK bank built to meet the needs of a community which deserves attention and recognition. In her spare time, Helene seeks new experiences and is an arts & art de vivre lover. He worked in several digital agencies and has involved in professional teams before joining Monument. in Mechanical Engineering and earned his MBA at Harvard. The Monument in central London is a commemoration of the end of the Great Fire of London and the beginning of the worlds first modern city. In her spare time, Federica loves to go the gym to practice Barre, Yoga and Pilates. Prior to joining Monument, Laura honed her skills and experience in the app space at Velocity Black, working closely with the founders to grow and enhance the customer experience, while also building out the companys Luxury Goods division. In his spare time, hes probably fishing (and says its called fishing, not catching, for good reason). These sectors include chemicals, oil & gas, metals and mining, financial & business services and media distribution. The colleagues of Mintoo Bhandari. 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. Mr. Bhandari is also currently active in various charitable and social impact initiatives including serving as Strategic Advisor to Kailash Satyarthi (Awarded Nobel Peace Prize, 2014), and is the Chairman of the UK Kailash Satyarthi Childrens Foundation, co-founder of the Freedom Fellows Scholarship Program and former member of the Finance Committee and Council of Governors of UCL (University College London), one of the leading institutions of higher learning in the UK. 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 . Corporate author : UNESCO World Water Assessment Programme Person as author : Connor, Richard [author] Person as author : Coates, David [author] Our core focus is on disruption to lending, banking and investing, including alternative lending, challenger banks and digital wealth management. Mintoo Bhandari. 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. To be active under these conditions, investment firms have to be fundamentals-driven and contrarian. 2 million per show. An entrepreneur and co-founder, Vikash brings a diverse range of knowledge and experience. And we are indeed fortunate Less classical is how Monument will operate, by harnessing the growing power of open banking. These arent ultra-high net worth individuals, multi-millionaires who might outsource their finances to money managers. And we would like to see a minimum of 1 per cent of that amount or roughly $150 million, deployed in every transaction. He lives in London, England with his wife and two daughters. Anita is a member of Women on Boards UK and holds a BSc degree in Psychology from the University of Durham. We make better and faster decisions thanks to Anita. Here, at Monument, he is doing much of the same, except this time he is also solving a frustration he's personally experienced. But, for now, the ambitious founder is outlining a retail digital banking model quite unlike whats come before. Aion Capital raised $825 million in 2014 and has deployed the bulk of its corpus from this fund in India. Cloudflare Ray ID: 7c0e749e1df7382b Read more: Starling CEO Anne Boden on Bounce Back loans and growing during COVID-19 pandemic. Copyright 2023 VCCircle.com. 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. Her positivity and energy is vital to our team and her desire to do a good job shines through. The action you just performed triggered the security solution. Globally, Apollo is also very active in credit markets and real estate. She holds a degree in Science in Planning and Urban Design from the University of Naples Federico II. Mintoo spent most of his career as an investor, building teams, and developing forward thinking institutions. He received an MBA from Maastricht School of Management and a graduate degree from National University of Singapore. As we are in a hyper-growth environment in India, every company can look well-positioned. Very few people know that Federica was also a ballet dancer. 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. During his career he has worked as a C++ developer / DBA and Sys Admin, so brings this experience to his current role. Bhandari is also on the board of directors of Welspun Corporation where Apollo invested $350 million in 2011. Ask him about his soup diet. 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. Bhandari had initially worked with the Indian government, especially the Ministry of Finance, as part of a Harvard group advising the government during the liberalisation. In addition, AltFi runs major industry events around the world. More recently, Anita has been focused on supporting digital start-up banks develop and execute their corporate strategy. Photo: Monument A new digital-only bank backed by City of London veterans and targeting the UK's "mass affluent" is set to launch. Delivered Monday at midday. London, In addition to Apollo Global Management, Bhandari led Aion Capital Partners, which is a joint venture between Apollo Global Management and ICICI Bank. 3 Bruno Mars - $2.9 million per show. Her experience spans international blue-chip companies in retail and consumer finance, and payments, including 16 years at Visa. Dubai Investments Acquires Stake in Monument Bank, UK based Digital Bank. A risk expert through and through, Martin held senior roles at a variety of large institutions as well as some recent Fintechs. People who expect their loyalty to be rewarded and seek the service they deserve. This website is using a security service to protect itself from online attacks. Created Date: 20211108104240Z . But some regulatory changes are required to make this happen. 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. Feike is a Dutchman who has lived and worked in the UK for 14 years. 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. We bring decades of experience working in leading financial institutions and professional services. Performance & security by Cloudflare. 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). 08 February 2018. 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. Hes also our resident sommelier. Americas +1 212 318 2000. Find out more, 1 Poultry, Copyright 2023 VCCircle.com. 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. 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. Iestyn also supports the worlds greatest rugby nation, which for those outside Wales, is Wales. Close to home, our portfolio companies may not deliver on their potential if the infrastructure does not improve. Hes also held roles at Booz & Company and at Sapient as a technologist. 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. 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. 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. Apollo invests from its $14.7 billion global fund. How does the deal-making environment look? Helene is a Non Executive Director with humm, the UK subsidiary of the consumer and commercial finance Australian-listed group. 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. 07 Feb 2018. He has also held senior fiduciary, asset management positions at the world's largest university endowment (Harvard University) and Apollo Global Management ("APO" - NYSE). Also, what is the sweet spot for your investments? Steve brings 30+ years of technology management experience to our Board. Enter Mintoo Bhandari, the founder and managing director of Monument, a newly-licenced and freshly-funded digital bank aimed at lending millions to the "mass affluent" at the touch of a button, all through their mobiles. Mintoo is a graduate of the Massachusetts Institute of Technology (Mech Eng, S.B. At that time, he was looking for capital and support to undertake a backward integration related to his principal business. We think there will be significant benefits to companies if the market has a wide variety of options. We were getting the call centre run around constantly, the [relationship manager] we had originally kept getting changed, the relationship was all one way. 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. Hes built, led and transformed businesses at HSBC, The Co-operative Bank (working on their well-publicised transformation) and the fintech, 10x Future Technologies. EMEA +44 20 7330 7500. AltFi's new weekly US newsletter breaking down the ins and outs of America's burgeoning fintech sector. EC2R 8EJ 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. 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. 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 . What are the sectors that Apollo Management favours? It actually costs so much more to modernise your technology than build it from scratch, Khouri said. Bhandari has led deals in Avantha Holdings and the buyout of GE Capital Services and Planet cast Media services. Mintoo graduated from MIT with a S.B. But it isnt always easy, for organisational or other reasons, to pull the trigger when markets are choppy. Sav later moved on to Relationship roles at Bank of Scotland, Lloyds and Metro Bank. 27,324 executive movements have been recorded in the last 12 months. iOS Lead with over 10 years of experience in software development. 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. Potential clients include bankers, lawyers, property developers, and doctors. Helene is also a Trustee on the EDHEC Business Schools foundation. 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. But really, its just burning calories before dinner. 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. He is also the Chair at Which? Your IP: January 26 2023. 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. 161.97.131.216 The world is going to get more competitive and efficient, and India must do the same if it is to develop its full potential. The Covid-19 pandemic upended life as we knew it, crippled global economies and changed how we all . Steve holds a MA Economics from the University of Cambridge. However, it is not as easy as it might sound; its a big challenge and requires substantial effort. Prerna holds a B-Tech in Computer Science from Visvesvaraya Technological University, India. In her banking career, Fiona worked for Barclays, Daiwa Europe Bank, NatWest Capital Markets and most recently, Goldman Sachs. But that typically involves people, and putting people into the mix made it very unsustainable from an economic standpoint. But, in the grand scheme of things, he is one of the highest-paid rappers of all time per show.
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