China first granted UBS Group AG approval for overseas majority control of a securities JV. Nomura Holdings Inc. and JPMorgan Chase & Co. have also applied.
The Toronto-based insurer is competing with other bidders including the billionaire Cheng family’s Chow Tai Fook (Holding) Ltd.
UBS is among the foreign banks that have gotten the furthest in building an onshore securities business.
With the government now allowing them to take majority ownership, some, like Citigroup, have been hamstrung by partners’ reluctance to sell.
Leland became a Goldman managing director in 2000 and was named partner in 2006.
Acquiring Ixom would help Keppel Infrastructure, led by recently appointed Chief Executive Officer Matthew Pollard, to widen its exposure beyond Singapore.
At a shareholder meeting in July, KKR — which holds 35% of Tiga Pilar’s voting stock — successfully voted to oust the company’s board of directors. The event ended with founder and President Joko Mogoginta publicly accusing KKR of attempting a “hostile takeover” as he stormed out of the gathering.
China Renaissance Holdings Ltd became the latest high-profile IPO that failed to resonate with investors.
The buyout firm will generate a return of about 1.6 times its initial investment in MMI.
The investor group, which also included KKR & Co and China’s sovereign wealth fund, has decided not to continue pursuing a deal after its initial proposal was rejected.