The Bank of China has emerged as a potential bidder for an alternative takeover of HBOS, it is reported.
The BBC said the bank was in "early talks" with former HBOS executive Jim Spowart and investment company European American Capital over a possible counter bid to the proposed takeover by Lloyds TSB.
Lloyds TSB says it will be able to deliver annual cost savings of more than £1.5 billion by the end of 2011 through its deal.
But there are fears it could lead to widespread job losses at the would-be combined banking giant.
Mr Spowart refused to confirm the report that the Bank of China was the potential backer.
He told The Scotsman: "We took a decision early on to neither confirm or deny which bank was behind any potential bid."
The report emerged as a former bank chief insisted the current offer by Lloyds TSB was "no longer the best deal".
Sir George Mathewson, ex-chief executive of Royal Bank of Scotland, is trying to convince shareholders they will not benefit from the Lloyds deal.
It emerged at the weekend that he and former HBOS chief executive Sir Peter Burt were seeking to oust the current chairman and chief executive in a move to thwart the Government-backed bid.
It has been resisted by HBOS which said Lloyds TSB offered "certainty".
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