UK challenger Monument lands restricted banking licence He is a past Chairman of the Singapore Indian Chamber of Commerce and currently an Emeritus Chairman. 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. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Apollo invests from its $14.7 billion global fund. 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. Mintoo Bhandaris bank is on a mission to help millionaires. The acquisition of one of the largest credit operations in India, GE Capital India, through the AION fund and then rebranded Clix Capital. Asia Pacific +65 6212 1000. He was a Term Trustee in Singapore Indian Development Association (SINDA) for a period of 12 years. He has an unrivalled breadth of experience, from operations through to commercial credit underwriting, advising private clients, running teams and managing relationships. Ask him about his soup diet. Also, Welspun has great leadership and a deep, capable team committed to continuous improvement and accomplishment. In her spare time, Helene seeks new experiences and is an arts & art de vivre lover. Niall is also the Chairman of the College Council at Glenalmond College and a NED at Non-Standard Finance. The Economic Times, which reported the development earlier on Wednesday, said Bhandari would continue to . Dubai Investments Acquires Stake in Monument Bank, UK based Digital Bank. 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.. In his spare time, he likes to spend time with his wife and daughter and ride his Harley Davidson as far as he can go. We have a real estate effort here and a team entirely focused on that sector. Digital bank for 'mass affluent' set to launch later this year What were able to do is combine this modern technology with exceptional client service.. Close to home, our portfolio companies may not deliver on their potential if the infrastructure does not improve. Ltd. Get daily update with our newsletter Subscribe Now ! Mintoo is a graduate of the Massachusetts Institute of Technology (Mech Eng, S.B. We and many other private equity firms active in India recognise that there may be an opportunity in providing more flexible financing. in Mechanical Engineering and earned his MBA at Harvard. 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. Prologue, partie 2 : les progrs accomplis dans la ralisation de l'ODD 6 Having started his career at Lloyds, he joined us from Target Group, where he held CFO and interim CEO positions. And if not, you will find him in the theatre with a glass of wine. Performance & security by Cloudflare. Delivered Monday 9am EST/ 6am PST. Monument Bank is in the late stages of securing a banking licence and expects to launch later this year. We have that in BK Goenka. Digital bank for 'mass affluent' set to launch later this year This byline is for a different person with the same name. Buyout Fund Apollo Hires Mintoo Bhandari To Head India Ops In India, Apollo Is A Contrarian Investor: Mintoo Bhandari 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. In his spare time, Ioannis loves discovering new restaurants to visit with friends and will always try the latest food fad. Many of them have three, four, five, or six properties, and they almost become professional landlords on the side, says Bhandari. (212) 515-3200. I actually experienced the pain myself, Mintoo Bhandari, Monuments chief executive and cofounder, told Yahoo Finance UK. In the Banking industry, Mintoo Bhandari has 83,692 colleagues in 4,890 companies located in 188 countries. 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. 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. Copyright 2023 VCCircle.com. We were getting the call centre run around constantly, the [relationship manager] we had originally kept getting changed, the relationship was all one way. Starting at a reported $5 million in 2018, it stood at $6.5 million in 2022. In an exclusive interview with VCCircle, Bhandari speaks about the Welspun investment, Apollos India strategy, his take on the changes in SEBI takeover code and delisting norms, and the countrys credit and real estate market. Age : 57. 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. Before joining us, Ioannis headed up the innovation efforts for NatWests wealth management businesses, which include the Coutts & Co. and NatWest Premier brands. Iestyn holds a BA in History from Aberystwyth University, an MBA from University of Warwick Business School and (of course) is a qualified accountant. He has also held senior fiduciary, asset management positions at the world's largest university endowment (Harvard University) and Apollo Global Management ("APO" - NYSE). What are the sectors that Apollo Management favours? Here, at Monument, he is doing much of the same, except this time he is also solving a frustration he's personally experienced. Today, Dababy's reported net worth is around $7 million. Mintoo Bhandari, a former managing director at Apollo Global Management, is leading the venture alongside Brooker. At its basics, its banking. Erdi holds a Bachelors degree in Computer Programming from Bahcesehir University in Istanbul, Turkey. London, Find out more, 1 Poultry, Mintoo graduated from MIT with a S.B. 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 colleagues of Mintoo Bhandari. To be a successful investor in India, we believe that you have to have both a good promoter and a fundamentally good business. We have built Monument from the ground up, precisely for this community. If I can summarise what excites us about Welspun, it is the unique combination of positioning and potential. 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. We see that come to life at work too). A lifelong Liverpool fan (along with fellow Celt Iestyn) he is basking in glory (for now). 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.. 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. During his career he has worked as a C++ developer / DBA and Sys Admin, so brings this experience to his current role. 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. People who expect their loyalty to be rewarded and seek the service they deserve. Bhandari has led deals in Avantha Holdings and the buyout of GE Capital Services and Planet cast Media services. 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. As a Product Manager at Monument, Ioannis is intent on making financial institutions more than just places to store and access money. 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. Initially Monument will focus on lending, with Bhandari outlining ambitious goals, including 8-minute approvals on buy-to-let mortgages of up to 2m. Monument Bank Limited (10921940) is registered in England at 33 Cavendish Square, London, W1G 0PW. Apollo Global's Mintoo Bhandari takes on advisory role, to move to UK One of the elements that we look for is the quality and depth of management, which Welspun has in abundance. 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 lives in London, England with his wife and two daughters. Sure, Lil Wayne is way behind Taylor Swift and Beyonc. Meet the mass affluent 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. About Mintoo Bhandari. Were here for our clients and the level of service they deserve. At that time, he was looking for capital and support to undertake a backward integration related to his principal business. He is really excited about his role at Monument helping to build and scale a truly modern, digitally enabled bank for our clients. 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. There will always be rise and fall in transaction volumes in sync with enthusiasm level and capital availability in the markets. 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. Net Worth Growth. But it isnt always easy, for organisational or other reasons, to pull the trigger when markets are choppy. 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. in Electrical and Electronics Engineering and a MBA from IIT, Delhi. Welspuns principal business is the manufacture of large-diameter oil & gas pipes, used to build pipelines for transporting oil & gas, generally over long distances. These sectors include chemicals, oil & gas, metals and mining, financial & business services and media distribution. 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. 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. Others on the management team at Monument have held senior roles at Barclays and UBS. Whilst a risk specialist, Nihars main hobby is building and growing banks. Helene is also a Trustee on the EDHEC Business Schools foundation. Customers can also track their net worth and source advice on things like property law and inheritance. 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. Mintoo has served on the Board of more than 20 companies, with asset bases of many billions of dollars and many thousands of employees. Click to reveal January 26 2023. 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. Apollo is fundamentally a value investor and in a high-growth environment like India, that translates into being a contrarian investor. 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. AltFi provides market-leading news, opinion, insights and events for the rapidly-growing alternative finance and fintech community. If hes not training for his next race he is probably talking about it. In her spare time, youll most likely find Dominique being taken for a walk by her dog or planning her next trip to fulfil an ambition of seeing classical opera in its country of origin.
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