Revolut has simply taken a shortcut to Argentina’s monetary sector. As an alternative of constructing a brand new financial institution from scratch and acquiring an area licence, the corporate is buying Banco Cetelem, an current regulated financial institution, from BNP Paribas Private Finance.
The Central Financial institution of Argentina has simply authorized the deal. The transaction should nonetheless shut, and the acquired financial institution won’t initially provide services or products to the general public.
Banco Cetelem to Turn out to be Revolut Financial institution Argentina
As soon as the deal closes, Banco Cetelem will likely be renamed Revolut Financial institution Argentina S.A.U. Earlier than launching to prospects, the financial institution should additionally meet remaining capital, operational and regulatory necessities.
Agustín Danza is predicted to turn into CEO of Revolut Financial institution Argentina, topic to the central financial institution’s customary approval course of. The native board will likely be chaired by Juan Marotta, a former CEO of HSBC Argentina and HSBC South America.
“It’s a significant milestone on the trail to Revolut’s launch in Argentina,” Danza instructed Bloomberg. “Competing as a financial institution is after we can deploy the complete energy of our price proposition and have the best potential affect.”
Revolut says greater than 150,000 folks have joined its Argentine ready listing because it introduced plans to enter the nation. The corporate has outlined a broad providing spanning on a regular basis banking, credit score, worldwide spending, wealth merchandise and rewards, however has not stated which providers will likely be out there at launch.
The business launch is deliberate in 2027, in accordance with Danza.
Latin American Banking Enlargement Continues
The acquisition continues Revolut’s growth in what it calls one among its “most promising progress alternatives” within the area.
Argentina has an exceptionally excessive and rising share of cell and digital funds. In line with current BCRA statistics, the share of prompt funds and transfers reached 60% by quantity and 73% by worth within the first half of 2025; circulating money accounted for under 6.2% by worth.
Revolut will enter a developed digital-finance market the place rivals, together with Mercado Pago, Ualá and Naranja X, have already established their presence.
Given that just about the whole grownup inhabitants already has a number of financial institution and fee accounts, the newcomer will should be inventive to encourage prospects to modify to a brand new product.
The corporate launched a licensed financial institution in Mexico and just lately secured a banking licence in Colombia. It has additionally acquired preliminary authorisation to ascertain a financial institution in Peru, the place it nonetheless wants additional working approval.
Revolut has not disclosed the acquisition worth, the quantity of capital deliberate for the Argentine financial institution or the anticipated cut-off date.
This text was written by Tanya Chepkova at www.financemagnates.com.
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