CVC has spent months preparing its approach and is expected to submit a formal takeover proposal before the September deadline. The sale process, initiated after FirstRand was forced to set aside £750 million in provisions to cover potential claims, has attracted significant market attention. Advisers managing the deal are reportedly allowing suitors to submit separate offers for the bank’s core operations and its MotoNovo motor-finance division.

While previous reports identified potential interest from Lloyds Banking Group and Shawbrook, the field of competitors remains fluid. Metro Bank, previously named as a candidate, has retreated from the process and is now unlikely to submit a bid. Representatives for CVC, Aldermore, FirstRand, and Metro Bank have declined to comment on the ongoing negotiations.