Banco BV is aiming to launch its initial public offering in April, according to a report by Estadão's Broadcast column.

The bank, owned by the Emírio de Moraes family and Banco do Brasil SA, will submit a formal request for an IPO to Brazil's CMN securities commission in February. They expect to generate 5 billion Brazilian reais by going public.

Previously known as Banco Votorantim, Banco BV explored a listing last year but postponed the move to 2020, allowing it more time to meet IPO requirements on the B3 stock exchange.

Banco do Brasil, JPMorgan, Goldman Sachs, Morgan Stanley and Itaú BBA will reportedly manage the sale.

As of Jan. 13, US$1 was equivalent to 4.13 Brazilian reais.