Intesa Sanpaolo SpA has received at least seven nonbinding bids for a €2.5 billion nonperforming loan portfolio, a deal which the lender is expected to conclude in the first quarter of 2017, Reuters reported Dec. 19, citing "four sources familiar with the matter."

The bidders included KKR & Co. LP, Fortress Investment Group LLC, a consortium comprising Christofferson Robb & Co. LLC and Bayview, AnaCap Financial Partners LLP, Apollo Global Management LLC, Cerberus Capital Management LP and Lone Star, according to two of the sources. The Italian lender is expected to shortlist three investors in the week ending Dec. 23.

The portfolio reportedly comprises corporate loans and also includes a 30% portion of mortgage loans, according to one of the sources.