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Brazil's Banco Intermedium changes name to Banco Inter

Brazilian digital bank Banco Intermedium SA on June 9 changed its brand name to Banco Inter.

The decision was made as the bank felt the old name was no longer "consistent with what it has to offer," according to a report in InfoMoney.

Banco Inter offers free, online checking accounts and CEO João Vítor Menin said the new name will represent the evolution of the bank.

"We wanted to reshape our brand, maintaining at the same time our profile as a bank that can offer what our clients need and also maintain a contemporary and modern profile," the CEO reportedly said.

Earlier this year the bank said it was targeting a tenfold jump in customer base by the end of 2018 when it plans to launch an IPO.

The bank said it plans to become a financial products portal by offering credit, insurance and investments products from its own platform and from those of its partners.