The competition for Allied Irish Banks’ majority stake in Poland’s Bank Zachodni WBK could be decided this week, if media reports are to be believed.

AIB was due to request final offers from state-owned PKO Bank Polski, Spanish lender Santander and French bank BNP Paribas by September 3, The Irish Times reported, citing an unnamed source.

The Irish bank is expected to select a preferred bidder early this week, according to the newspaper.

As WBJ went to press, Santander was being touted as the front runner by a number of Polish and Irish newspapers. The bank was also expected to bid for a number of AIB’s foreign assets.

In an unexpected twist, The Sunday Times has suggested that private equity firm Apex Partners could join forces with the Spanish banking giant in a possible joint bid for AIB’s stake in BZ WBK.

“Apax Partners was a bidder on the original shortlist of buyers for the bank, and, sources say, is keen to remain in the process,” the newspaper reported.

The Polish Treasury, along with other elements of the Polish state, is keen to see PKO BP acquire BZ WBK in order to reduce foreign control over the country’s banking sector. To this end, Deputy Treasury Minister Krzysztof Walenczak last week visited Dublin to persuade the Irish bank to accept PKO BP’s offer.

Keen to avoid accusations of overpaying, PKO BP itself would not risk offering an above-market price for the stake, according to daily Rzeczpospolita.

“This is not the only chance,” a person close to the bank told the daily. “In the market in the near future there may be more banks to take over. PKO BP does not want to overpay, but we have determination.”

AIB is being forced to sell its prized Polish asset to meet capital demands in its home market. Selling BZ WBK could generate between €2.7 billion and €2.9 billion, according to analysts.