Permira, KKR , and CVC Capital are among the private equity firms bidding for Citigroup's telemarketing company in Japan, Bellsystem24, three sources said, in a deal that could fetch more than $1 billion.

Bain Capital and trading house Itochu Corp also submitted bids, said the sources, asking not to be identified because the process is not public.

The first bid closed at noon on Tuesday, the sources said, adding that all the parties are bidding for the Japanese telemarketer independently at this stage.

Bellsystem24 is owned by Nikko Principal Investments, the private-equity arm of Citigroup.

(Reporting by Junko Fujita)

Japan Investment Citigroup