Bhandari will now be proactively work with Nobel Peace laureate Kailash Satyarthi and help his foundation raise money for social causes, the sources said. 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. AltFi provides market-leading news, opinion, insights and events for the rapidly-growing alternative finance and fintech community. Led by Mintoo Bhandari, CEO, Monument received its "authorisation with restriction" (AWR) banking licence in October 2020. 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. He claims its with his son; but the jury is out. He also has a passion for gardening, although thats not always clear looking at his garden. She has acquired a strong commercial outlook from senior roles in Strategy, Pricing and Acquisitions & Partnerships. He was the Vice-Chairman of the Singapore Business Federation, and Council Member of ASEAN Chamber of Commerce and Industry. But that typically involves people, and putting people into the mix made it very unsustainable from an economic standpoint. A decade ago it would have cost billions to deliver the technology solutions that we can deliver for single digit millions, Bhandari said. Also, Welspun has great leadership and a deep, capable team committed to continuous improvement and accomplishment. Since lockdown Sav has become a keen runner and has also developed a mild obsession with his daily step count. Ltd. Get daily update with our newsletter Subscribe Now ! 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. But Bhandari is not worried. 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. Mr. Bhandari joined Apollo in 2006. Monument is targeting clients worth between 250,000 and 5m, putting it in competition against the likes of HSBC and Barclays. 27,324 executive movements have been recorded in the last 12 months. Also, what is the sweet spot for your investments? 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. 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. Dominique studied Business Administration at BCHE, Brunel University specialising in Economics and International Finance. 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. Click to reveal 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. 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. Steve brings 30+ years of technology management experience to our Board. To be active under these conditions, investment firms have to be fundamentals-driven and contrarian. And who said fintech is becoming boring? 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. Alex prefers two wheels and enjoys motorbikes, in addition to competing against himself in cycling and triathlon events across Europe. Ask him about his soup diet. Here, at Monument, he is doing much of the same, except this time he is also solving a frustration hes personally experienced. 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 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. The start-up evolved out of a belief that the mass affluent have gone "largely unaddressed by the [UK's] challenger bank boom". EMEA +44 20 7330 7500. January 26 2023. Mintoo Bhandari Chief Executive Officer Monument Bank Limited Bank CEO announces that Monument achieves full banking licence. Sav is a Relationship Manager with over 20 years experience in lending, origination and credit. He received an MBA from Maastricht School of Management and a graduate degree from National University of Singapore. 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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.. Works at Study (chess) Lives in Ludhiana, Punjab, India. Monument Bank Limited (10921940) is registered in England at 33 Cavendish Square, London, W1G 0PW. I would say that PE investment, in general, is somewhat cyclical. I think the evolution of digital has gone from a 5 or 10 year cycle to a three month cycle, he said. 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. That said, India has a history of and potential for leapfrogging. Buy-to-let and bridge-to-let are core products that Monument will launch with, designed to appeal to the banks wealthy target audience. 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. Fiona has a varied portfolio of Non-Executive Director roles including Melton Building Society, Nexa Finance, and VisitEngland. Globally, Apollo is also very active in credit markets and real estate. Apollo Management's real estate investment arm, Apollo Real Estate Advisors, currently runs a $650 million real estate private equity fund in . Helene is also a Trustee on the EDHEC Business Schools foundation. 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. We are a UK bank built to meet the needs of a community which deserves attention and recognition. 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. Typically, Apollo will look to invest anywhere between $150 million and $1 billion out of this current global fund. Mintoo has served on the Board of more than 20 companies, with asset bases of many billions of dollars and many thousands of employees. We are also looking at different opportunities in real estate space, but are doing so in a very measured manner. As Chief of Staff, Anita drives company-wide progress on critical projects and strategic initiatives. 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. Many of them have three, four, five, or six properties, and they almost become professional landlords on the side, says Bhandari. EC2R 8EJ 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.. 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. The colleagues of Mintoo Bhandari. Contact Mintoo, search articles and Tweets, monitor coverage, and track replies from one place. About Mintoo Bhandari. Conor is all about tailored lending solutions for you. Much of what Bhandari describes is unproven, and hes frank that the banks plans will certainly change and evolve as it comes to market. This website is using a security service to protect itself from online attacks. Today, Dababy's reported net worth is around $7 million. Helene is a Non Executive Director with humm, the UK subsidiary of the consumer and commercial finance Australian-listed group. Steve holds a MA Economics from the University of Cambridge. 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. 2 million per show. What do you think of the Indian PE market, compared to the Chinese markets? 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. The Covid-19 pandemic upended life as we knew it, crippled global economies and changed how we all . He is the CEO and co-Founder of VAR Capital, a multi-family office focused on investment management and lending. However, it is not as easy as it might sound; its a big challenge and requires substantial effort. Monument is chaired by Niall Booker, a veteran HSBC banker who rescued The Co-Op Bank from the brink of collapse in 2013 after being drafted in as chief executive. 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. At that time, he was looking for capital and support to undertake a backward integration related to his principal business. 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. Her positivity and energy is vital to our team and her desire to do a good job shines through.

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