JC Flowers is looking to sell its remaining 20 per cent-plus stake in Shinsei Bank, the Japanese lender that the US group resurrected and turned around in one of global private equity’s most lucrative deals.
Late last year JC Flowers’ executives received expressions of interest from Wu Xiaohui, the founder of Anbang Insurance and entered into talks with him, according to four people with direct knowledge of the matter. But before the two sides could come close to an agreement, Mr Wu discontinued the discussions.
He has since been detained by authorities and Chinese regulators have clamped down on outbound dealmaking by Anbang and several other high-profile, privately owned conglomerates. Anbang declined to comment.
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