China’s Fosun International confirmed on Tuesday it has started exclusive negotiations with Portugal’s central bank to buy Novo Banco.

Novo Banco is a successor entity to Banco Espírito Santo, which was on the brink of collapse last year before a 4.9-billion euro (US$5.5-billion) bailout by Portugal’s Government.

“Fosun is in negotiations with the central bank over Novo Banco and will make no further comments,” a spokesperson of the company told news agency Reuters.

Portuguese media reported last week that negotiations to sell Novo Banco to China’s Anbang Insurance Group had failed and that Portugal’s central bank had begun negotiations with another bidder.

The Bank of Portugal has not identified the three bidders for Novo Banco that made it through to the final round, but it was widely reported that they were Anbang, Fosun and U.S. private equity firm Apollo Global Management.

Fosun Chief Executive Liang Xinjun told The Wall Street Journal newspaper this week that the company is “strongly committed” to its investments in Portugal and awaited a decision from the Portuguese central bank.