French bank Crédit Agricole S.A. (ENXTPA:ACA) and Austria's BAWAG Group AG (WBAG:BG) are set to submit binding bids for Barclays PLC (LSE:BARC)?s German consumer finance unit this week, two people familiar with the matter told Reuters. The banks are vying for the German business alongside private equity firm bidders Warburg Pincus LLC and Centerbridge Partners, L.P. in the second stage of the process, the people said, speaking on condition of anonymity. Binding bids are due this week with final bidder selection later this month, the sources said.

The hope is to sign a deal this year, one of the sources said, while cautioning that the timeline could slip. Barclays, Credit Agricole, BAWAG and Warburg Pincus declined to comment. Centerbridge did not immediately return requests for comment.

The Hamburg-based Barclays unit reported a loan book, or assets, of GBP 4 billion ($4.89 billion) at the end of June. Bidders need to have an existing banking license to go ahead with the transaction, Reuters reported earlier this year. The sale in Germany is separate to Barclays payments review, which involves exploring the sale of a stake in the unit that processes payments for UK merchants.