South African shipowner Grindrod is one of the bidders for the country's ninth-largest lender, Mercantile Bank.
The company said it had formed a consortium to acquire the bank, which is owned by Portuguese state-owned Caixa Geral de Depositos.
The group includes investment company Arise and Grindrod's subsidiaries Grindrod Bank and Grindrod Financial Holdings (GFH).
Three other bidders are on a shortlist revealed by Portugal's government: Nedbank Group, Capitec Bank and a consortium comprising Public Investment Corporation SOC and Bayport Financial Services.
