Buy-to-let and bridge-to-let are core products that Monument will launch with, designed to appeal to the banks wealthy target audience. 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. She also runs her own business and property development company. He claims its with his son; but the jury is out. AltFi provides market-leading news, opinion, insights and events for the rapidly-growing alternative finance and fintech community. One of the elements that we look for is the quality and depth of management, which Welspun has in abundance. Led by Mintoo Bhandari, CEO, Monument received its "authorisation with restriction" (AWR) banking licence in October 2020. 5 The Rolling Stones - $2. 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.. Copyright 2023 VCCircle.com. 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. 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. We are grateful to Mintoo and everyone else involved in getting us to the stage of becoming a fully-licensed UK bank amidst a global pandemic and great economic uncertainty. A decade ago it would have cost billions to deliver the technology solutions that we can deliver for single digit millions, Bhandari said. Meenakshi K Bhandari, Narindar K Bhandari, and seven other persons spent some time in this place. Meet the mass affluent 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. Mintoo Bhandari - Senior Partner for Apollo Global Management, LLC Mintoo Bhandari - VC DATALAB 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. We think its a very positive, prudent move. Fiona has a varied portfolio of Non-Executive Director roles including Melton Building Society, Nexa Finance, and VisitEngland. Financial Services. Apollo Global's Mintoo Bhandari takes on advisory role, to move to UK Do you think backing holding companies or a 2-3 promoter group company is a more interesting proposition for larger funds? 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. But that typically involves people, and putting people into the mix made it very unsustainable from an economic standpoint. Prologo, parte 2: progressi verso l'Obiettivo di sviluppo sostenibile 6 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. 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. Today, Dababy's reported net worth is around $7 million. Read more: Starling CEO Anne Boden on Bounce Back loans and growing during COVID-19 pandemic. We think there will be significant benefits to companies if the market has a wide variety of options. They can raise equity and they can raise senior secured bank debt but there isnt much available in-between. Typically, Apollo will look to invest anywhere between $150 million and $1 billion out of this current global fund. 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. Dubai Investments Acquires Stake in Monument Bank, UK based Digital Bank. Bhandari has led deals in Avantha Holdings and the buyout of GE Capital Services and Planet cast Media services. But we believe that the best promoters are those who put a premium on having the right partner, rather than a placid market. Multiple digital-first, app-only banks have launched in the UK in recent years but most have targeted ordinary current account holders or businesses. Her experience spans international blue-chip companies in retail and consumer finance, and payments, including 16 years at Visa. 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. About Monument Bank He is currently in the process of putting together a team in Mumbai. Bhandari said he was not fazed at the prospect of launching a new bank in the midst of a pandemic. Mintoo Bhandari - Founder of Monument Bank Limited - Monument | LinkedIn Do you have any plan to bring that in India? He is helping to build a world class, plug-and-play banking platform at Monument. Copyright 2023 Surperformance. Asia Pacific +65 6212 1000. 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. He was a Term Trustee in Singapore Indian Development Association (SINDA) for a period of 12 years. Mintoo is a graduate of the Massachusetts Institute of Technology (Mech Eng, S.B. We are also exploring and evaluating the credit markets in India. And the fact that so many pools of capital in India are excluded from investing in infrastructure is not helpful. Digital bank for 'mass affluent' set to launch later this year Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under FRN 849724. You can email the site owner to let them know you were blocked. In his spare time, he will be playing superhero themed Lego. 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. He has also held senior fiduciary, asset management positions at the world's largest university endowment (Harvard University) and Apollo Global Management (APO NYSE). Dominique believes that her interchangeable experience has been invaluable and helps her to provide meaningful strategic partnering to the business. I think the evolution of digital has gone from a 5 or 10 year cycle to a three month cycle, he said. He was the Vice-Chairman of the Singapore Business Federation, and Council Member of ASEAN Chamber of Commerce and Industry. Sav later moved on to Relationship roles at Bank of Scotland, Lloyds and Metro Bank. Copyright The President and Fellows of Harvard College, Harvard T.H. Starting at a reported $5 million in 2018, it stood at $6.5 million in 2022. A busy Dad, in his spare time enjoys the UK live music scene and doing his bit to support emerging artists. Historically, when you think about this group, you might think about premier banking, says Bhandari. She is also the co-founder of a female charity network. Find out more, 1 Poultry, Sav is a Relationship Manager with over 20 years experience in lending, origination and credit. 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. A risk expert through and through, Martin held senior roles at a variety of large institutions as well as some recent Fintechs. Prior to joining Apollo in 2006, Bhandari was managing director at The View Group. Mintoo Bhandari from Old Westbury, NY, age 57 | Veriforia More recently, Anita has been focused on supporting digital start-up banks develop and execute their corporate strategy. He has worked on cutting edge, highly interactive applications and advergames on mobile and web platforms with an obsession with writing clean code. In the Banking industry, Mintoo Bhandari has 83,692 colleagues in 4,890 companies located in 188 countries. 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. Very few people know that Federica was also a ballet dancer. The one thing that they have in common is growth both the economies are likely to grow into the foreseeable future. Here, at Monument, he is doing much of the same, except this time he is also solving a frustration he's personally experienced. Click to reveal Apollo Global Management LLC, the $70 billion alternative asset management giant, started its private equity operations in India, just around the time of the global financial meltdown during September 2008. 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). We see that come to life at work too). Globally, Apollo is also very active in credit markets and real estate. Since lockdown Sav has become a keen runner and has also developed a mild obsession with his daily step count. As a Product Manager at Monument, Ioannis is intent on making financial institutions more than just places to store and access money. 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. With over 20 years of experience, Sudip has built technology platforms for start-ups as well as very established institutions in the UK. 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. Our lending and membership products are not included within the scope of this regulation; for more information, please see the Financial Services Register. He is really excited about his role at Monument helping to build and scale a truly modern, digitally enabled bank for our clients. 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. 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.. Monument is targeting clients worth between 250,000 and 5m, putting it in competition against the likes of HSBC and Barclays. Hes also our resident sommelier. They really didnt appreciate and respect our time. Mr. Bhandari is the principal founder and a leading shareholder of London based Monument Bank Limited ("Monument") which is a digital-first platform focused on providing financial services (with a Bank of England full-banking license) providing digital access to high-value services and technology solutions in various geographies around the world. Generally, companies in India have very limited flexibility when it comes to designing their capital structures. He is a past Chairman of the Singapore Indian Chamber of Commerce and currently an Emeritus Chairman. The need for technical excellence and reliability was highlighted during the BP oil spill. Last year, the company achieved 19 per cent EBITDA margin, one of the highest in the industry and very exceptional for a metals business, on approximately $1.7 billion of revenue, but he is not satisfied. Buyout Fund Apollo Hires Mintoo Bhandari To Head India Ops That said, India has a history of and potential for leapfrogging. Were here for our clients and the level of service they deserve. One factor that also distinguishes our approach to investing is our focus on value. The Covid-19 pandemic upended life as we knew it, crippled global economies and changed how we all . After starting his career at Price Waterhouse as an auditor, he has worked in retail banking for nearly 25 years. Monuments plan is to do mass affluent banking better, and to reach profitability within 24 months of launch. 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. Prologue, partie 2 : les progrs accomplis dans la ralisation de l'ODD 6 It was absolutely brutal. 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. Bhandari is also on the board of directors of Welspun Corporation where Apollo invested $350 million in 2011. 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.
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