Chinese financial conglomerate Fosun Group and state-owned lender Bank of China are among the seven firms that have submitted non-binding bids for Portuguese lender Novo Banco, according to media reports.

“The Bank of Portugal is analysing these offers and will choose a number of potential buyers who will move on to the next phase,” Bank of Portugal Governor Carlos Costa said on Tuesday.

He added the sale could be concluded by the summer. Mr Costa did not disclose the name of the seven bidders.

Reuters reported Fosun (which made two high-profile acquisitions in Portugal last year), Bank of China and Spain’s Santander, the euro zone’s biggest bank by market value, are among the contenders.

Novo Banco emerged from the break-up of beleaguered bank Banco Espirito Santo, Portugal’s second-largest lender, after a state rescue last year.