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. 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. Welspuns principal business is the manufacture of large-diameter oil & gas pipes, used to build pipelines for transporting oil & gas, generally over long distances. What do you think of it? There will always be rise and fall in transaction volumes in sync with enthusiasm level and capital availability in the markets. Aion Capital raised $825 million in 2014 and has deployed the bulk of its corpus from this fund in India. Investment Manager and Investor. For nearly three decades, Anita has played a crucial role in driving organisational performance at some of the UKs leading financial services institutions. 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. 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. Since lockdown Sav has become a keen runner and has also developed a mild obsession with his daily step count. 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. Fundamentally that slashes Monuments cost base, and positions the bank more as a high-touch property lender than a jack-of-all-trades current account provider. In his spare time, you might find him working on charitable initiatives or in the gym. 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. They can raise equity and they can raise senior secured bank debt but there isnt much available in-between. "I actually experienced the pain. But given the regulatory process and the hurdles today, it is very complicated and somewhat impractical to take a company private in partnership with a promoter group. But that typically involves people, and putting people into the mix made it very unsustainable from an economic standpoint. Apollo has closed two transactions till date since starting its operations $100 million in DTH service provider Dish TV India and $350 million in two Welspun group companies. 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. Wasim holds a MEng in Electrical and Electronic Engineering from Imperial College, London. Our technology leader. For a year or so before the investment, we were interacting actively interacting with BK Goenka. Manta Bhandari. He is actively involved in social work and is a Patron of the Taman Jurong Citizenship Consultative Committee. Do you think backing holding companies or a 2-3 promoter group company is a more interesting proposition for larger funds? Ltd. Get daily update with our newsletter Subscribe Now ! 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). But in your hands, it can become so much more. To be active under these conditions, investment firms have to be fundamentals-driven and contrarian. 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. 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. 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. In his spare time, he is with his young family or serving as Trustee of the European School of Osteopathy. Bhandari will now be proactively work with Nobel Peace laureate Kailash Satyarthi and help his foundation raise money for social causes, the sources said. He is really excited about his role at Monument helping to build and scale a truly modern, digitally enabled bank for our clients. He is also Vice President for Law Society of Singapore, Member of Presidential Council for Religious Harmony and a Notary Public and Justice of the Peace. 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. We make better and faster decisions thanks to Anita. Steve holds a MA Economics from the University of Cambridge. Mintoo Bhandari Chief Executive Officer Monument Bank Limited Bank CEO announces that Monument achieves full banking licence. 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. Copyright 2023 VCCircle.com. Mintoo has served on the Board of more than 20 companies, with asset bases of many billions of dollars and many thousands of employees. It actually costs so much more to modernise your technology than build it from scratch, Khouri said. Bhandari said he was not fazed at the prospect of launching a new bank in the midst of a pandemic. 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. 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. But, for now, the ambitious founder is outlining a retail digital banking model quite unlike whats come before. In her spare time, she finds a good evening walk boosts her energy and enjoys balcony gardening. 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. Technical excellence was a key area when we assessed the company. For Bhandari, this is the second stint in Indian private equity space. Its also an audience that Bhandariwith his 25+ years of experience in private equity across Mumbai, New York and Londonknows well. 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 India, most companies of any scale are already publicly traded. At its basics, its banking. Mr. Bhandari is a graduate with distinction of the Massachusetts Institute of Technology (Mech Eng, S.B. 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. Market regulator SEBI has recently come out with changes to the takeover code, increasing the open offer limit to 25 per cent. Cloudflare Ray ID: 7c0e749e1df7382b During his career he has worked as a C++ developer / DBA and Sys Admin, so brings this experience to his current role. 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 . And we would like to see a minimum of 1 per cent of that amount or roughly $150 million, deployed in every transaction. 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. This byline is mine, but I want my name removed. in Mechanical Engineering and earned his MBA at Harvard. Prerna joined Monument's mobile team as an Android Developer focused on delivering innovative product features. He is helping to build a world class, plug-and-play banking platform at Monument. in Electrical and Electronics Engineering and a MBA from IIT, Delhi. Ian has worked in finance for over 20 years, most recently leading Business Banking at Barclays, and during his career has developed 2 passions for clients, and the technology that helps them fulfil their ambitions. 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. 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. 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. Hes also held roles at Booz & Company and at Sapient as a technologist. Monument has been in development for 18 months and currently has 12 full-time staff. The Economic Times, which reported the development earlier on Wednesday, said Bhandari would continue to . Delivered Monday at midday. 2 Beyonc - $3.5 million per show. Financial Services. Of course, private equity investments arent done unilaterally. In his spare time, he is on the PlayStation with his son or practicing Karate together. 27,324 executive movements have been recorded in the last 12 months. Sure, Lil Wayne is way behind Taylor Swift and Beyonc. 07 Feb 2018. Before joining Apollo in 2006, he had worked with The View Group, an India-focused private equity firm investing $1-$3 million per transaction. In his own words: I can just keep going. 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. She brings with her 21 years of financial services and regulated markets experience from ING Direct UK, Friends Life, Aviva and Entain. FOUNDER, HEAD OF GLOBAL INSTITUTIONAL RELATIONSHIPS. 87) and the Harvard Business School (MBA 92). Before that, he worked with Harvard Management Company which manages the endowment of Harvard University. Initially Monument will focus on lending, with Bhandari outlining ambitious goals, including 8-minute approvals on buy-to-let mortgages of up to 2m. Find out more, 1 Poultry, Mintoo Bhandari, director with WELSPUN ENTERPRISES LIMITED, is registered with the Ministry of Corporate Affairs (MCA), bearing DIN 00054831. You can email the site owner to let them know you were blocked. Steve brings 30+ years of technology management experience to our Board. Of course, no Welspun pipes were involved but the incident generally sensitised the public to the need for fail-proof, high-quality systems in the oil & gas space. In his spare time, he pretends to go (and like) boxing. Sav is a Relationship Manager with over 20 years experience in lending, origination and credit. Prior to joining Apollo in 2006, Bhandari was managing director at The View Group. As Chief of Staff, Anita drives company-wide progress on critical projects and strategic initiatives. In the past Mr. Bhandari was Director & Global Head-Corporate . 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. Some of the sectors that we focus upon, partially for the reasons I have just mentioned, are chemicals, oil & gas, metals and mining, financial & business services and media distribution. In his spare time, he is either watching sports or playing Golf. 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. Prior to that time, Mr. Bhandari was managing director of The View Group, an India-focused private equity firm. He claims its with his son; but the jury is out. In her spare time, Federica loves to go the gym to practice Barre, Yoga and Pilates. She has acquired a strong commercial outlook from senior roles in Strategy, Pricing and Acquisitions & Partnerships. 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. Helene is also a Trustee on the EDHEC Business Schools foundation. What is less well known is that the Monument was also designed as a landmark scientific instrument a giant telescope to advance knowledge. In her spare time, Helene seeks new experiences and is an arts & art de vivre lover. Iestyn also supports the worlds greatest rugby nation, which for those outside Wales, is Wales. 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. 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. Her positivity and energy is vital to our team and her desire to do a good job shines through. 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. We bring decades of experience working in leading financial institutions and professional services. 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. Erdi holds a Bachelors degree in Computer Programming from Bahcesehir University in Istanbul, Turkey. Read more: Starling CEO Anne Boden on Bounce Back loans and growing during COVID-19 pandemic. 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. 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. Before joining Apollo in 2006, he had . 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. How does the deal-making environment look? Mintoo Bhandaris bank is on a mission to help millionaires. It was absolutely brutal. 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. He is currently working on how to improve human judgement in public and private life. These are the sectors which Apollo knows well globally and therefore, we are confident of adding value to those here in India. And if not, you will find him in the theatre with a glass of wine. Our core focus is on disruption to lending, banking and investing, including alternative lending, challenger banks and digital wealth management. He was previously a partner and Group Finance Director at Omni Partners and Amicus Finance, and interim CFO and COO at Cambridge & Counties Bank. In India, Mr. Bhandari was involved with several industrial, media and financial services opportunities, and also formed ARCION, an asset reconstruction company. Mintoo has more than 25 years experience in investment management, credit origination, execution and oversight of financial institutions.
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