(Reuters) - Portugal's Novo Banco is set to fall into Chinese hands with either Anbang Insurance or Fosun International (HK:0656) most likely to clinch the deal worth more than 4 billion euros (3 billion pounds), the Financial Times reported
Portugal's central bank said last week it received five non-binding offers for Novo Banco and is now awaiting binding offers due by June 30.
Spain's Santander (MC:SAN) and U.S. funds Apollo Global Management (N:APO) and Cerberus are also bidding but it now appears to be a question of which Chinese group will pay more, the newspaper said, citing several people familiar with the situation.
Representatives for Anbang and Fosun declined to comment. Reuters could not immediately reach Novo Banco for comment.
Novo Banco is the successor to Banco Espirito Santo (BES) after a state rescue last year. The state hopes to sell it by the summer to recover 4.9 billion euros injected into BES, which collapsed under debts linked to its founding family.
Fosun made two acquisitions in Portugal last year, including healthcare provider Espirito Santo Saude after the Espirito Santos' business empire went bankrupt.
Earlier this year, Anbang, China's eighth-largest life insurer, bought Dutch insurer Vivat.