An adviser has been selected by Spanish Santander for the potential bid on Royal Bank of Scotland's (RBS) Williams & Glyn's branch network.
Santander will be advised by international finance group Credit Suisse regarding its possible bid on more than 300 RBS branches, sources told Reuters.
RBS' branches are currently being kept afloat by emergency funding from the Bank of England.
Also expressing an interest in buying the assets are Richard Branson's Virgin Money and National Australia Bank.
As RBS has until 2013 to complete the sale, it can temporarily halt the process if the bids are too low.
An indicative bid deadline of early April has been set following reports Santander was leading the race to take over the 320 branches.
In addition to the mooted price of £1 billion, potential bidders would need to find an extra £3 billion.
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