Shortly after Khoo Teck Puat made the US$100 million decision to come to the aid of hostile takeover target Standard Chartered Bank in 1986, he triggered one of the longest-running rumours in financial history: that he was on the brink of selling out.
In Asia, potential bidders touted have ranged from Guoco Group chairman Quek Leng Chan to Singapore's DBS Group. Globally, the names included Citigroup, JP Morgan and Barclays.
For 18 years, Khoo resisted the temptation to offload his 13.5 per cent holding. The sudden death of the 89-year-old Malaysian-born tycoon on Saturday, however, puts this epic conjecture in a new light.
The spotlight will be on his family - he leaves behind 14 children - which, according to Standard Chartered, has given no indication of its intention for the bank's largest single shareholding.
The most recent speculation has centred on Barclays - which is seeking a pan-Asian presence - and Citigroup.
The bank's market position was attractive to a large European bank looking to expand in Asia, BNP Paribas Peregrine Securities analyst Patrick Ho said.