Banco Agibank SA is planning to go public as it looks to raise funds for the acceleration of its expansion plans, Valor Econômico reported, citing "a source familiar with the matter."

The Brazilian bank, formerly known as Banco Agiplan, has begun to study options for the likely IPO, which could happen by the end of the first half at best, the source said. The size and format of the operation are not yet defined, but it is estimated it would reach about 800 million Brazilian reais.

When asked by Valor, Banco Agibank's press office denied that it is in the IPO process.

The bank plans to add 200 branches in 2018 as part of an aggressive expansion plan, according to the bank's president and founder Marciano Testa.

As of Feb. 14, US$1 was equivalent to 3.26 Brazilian reais.