Federico Procaccini, the CEO of Google Inc.'s Argentine subsidiary, will leave the company to become the local head of Openbank, Spain-based Banco Santander SA's digital banking arm, La Nación reported.

Procaccini has headed Google Argentina SRL for four years and is expected to step down from his position in May.

Santander's Argentine unit Banco Santander Río SA will launch a business based on the model of Openbank in 2018, according to the bank's global chairwoman, Ana Botín.

Openbank is a fully digital bank with online services, which Santander rates as pivotal in its strategy for future banking, and wants to establish the service in Argentina where it predicts a boost in the financial sector next year.