Argentina's Banco Santander Río SA will drop the 'Río' from its name and adopt the generic global name Santander, effective on the second half of July, El Cronista reported, citing Chairman Enrique Cristofani.

The name change will be celebrated at the opening of the bank's new corporate headquarters in the city center of Buenos Aires. The lender is a part of Spanish giant Banco Santander SA, which operates banks across Europe, the U.S. and Latin America under the Santander brand.

Speaking at the Santander Latin America conference in Madrid, Cristofani also announced a new credit boost strategy which involves bringing rates down for small and medium-sized enterprises, with discounts and a three-year set term.

The bank is also offering a 25% return in utility bills when customers pay using an automatic debit service online, the newspaper reported.