Revolut Wins Approval to Acquire Argentina’s Banco Cetelem…

Revolut has received authorisation from Argentina's central bank to acquire Banco Cetelem Argentina from BNP Paribas Personal Finance, clearing the main regulatory hurdle in its plan to run a fully licensed bank in the country. Once the deal closes, the acquired entity will be renamed Revolut Bank Argentina S.A.U. and operate as a regulated Argentine bank.

Revolut does not intend to open products to the public straight away. The first phase will centre on meeting regulatory, capital and operational requirements while the company builds local infrastructure and prepares a consumer offering. Agustin Danza is lined up to lead the business as chief executive, subject to the remaining regulatory steps.

Buying an existing licensed institution gives Revolut a faster route into Argentina than applying to build a bank from scratch, since it inherits a regulatory entity that can be adapted to its digital banking model. Demand appears to be building ahead of launch: Revolut says more than 150,000 people have already joined its Argentine waitlist.

Latin America push

The Argentine approval extends a broader Latin American expansion. Revolut has already entered Mexico and Colombia and is pursuing further banking opportunities in the region. In Mexico it previously obtained final regulatory clearance to launch a digital bank, and in Colombia it has outlined plans to deploy 1,000 ATMs and compete for a top-four banking position within five years. Its longer-term ambition is to bundle everyday banking, credit, international spending, wealth products, rewards and lifestyle services into a single app.

Competition in Argentina is expected to be intense. Mercado Pago and Ualá have built large consumer bases in payments and digital financial services, while BBVA and Santander bring established branch networks and lending operations.

Central bank approval does not mean Argentine customers can open Revolut Bank accounts immediately. The company must still complete the acquisition, integrate systems, expand its local team, satisfy ongoing capital requirements and put compliance and risk controls in place under Argentine banking supervision. A phased rollout of credit, wealth and international payment products is therefore more likely than a simultaneous launch. The next milestones will be completion of the transaction and the timing of the first customer-facing launch.