Revolut has just taken a shortcut to Argentina’s financial sector. Instead of building a new bank from scratch and obtaining a local licence, the company is acquiring Banco Cetelem, an existing regulated bank, from BNP Paribas Personal Finance.
The Central Bank of Argentina has just approved the deal. The transaction must still close, and the acquired bank will not initially offer products or services to the public.
Banco Cetelem to Become Revolut Bank Argentina
Once the deal closes, Banco Cetelem will be renamed Revolut Bank Argentina S.A.U. Before launching to customers, the bank must also meet remaining capital, operational and regulatory requirements.
Agustín Danza is expected to become CEO of Revolut Bank Argentina, subject to the central bank’s standard approval process. The local board will be chaired by Juan Marotta, a former CEO of HSBC Argentina and HSBC South America.
“It’s a major milestone on the path to Revolut’s launch in Argentina,” Danza told Bloomberg. “Competing as a bank is when we can deploy the full power of our value proposition and have the greatest possible impact.”
Revolut says more than 150,000 people have joined its Argentine waiting list since it announced plans to enter the country. The company has outlined a broad offering spanning everyday banking, credit, international spending, wealth products and rewards, but has not said which services will be available at launch.
The commercial launch is planned in 2027, according to Danza.
Latin American Banking Expansion Continues
The acquisition continues Revolut’s expansion in what it calls one of its “most promising growth opportunities” in the region.
Argentina has an exceptionally high and growing share of mobile and electronic payments. According to recent BCRA statistics, the share of instant payments and transfers reached 60% by number and 73% by value in the first half of 2025; circulating cash accounted for only 6.2% by value.
Revolut will enter a developed digital-finance market where rivals, including Mercado Pago, Ualá and Naranja X, have already established their presence.
Given that nearly the entire adult population already has one or more bank and payment accounts, the newcomer will need to be creative to encourage customers to switch to a new product.
The company launched a licensed bank in Mexico and recently secured a banking licence in Colombia. It has also received initial authorisation to establish a bank in Peru, where it still needs further operating approval.
Revolut has not disclosed the purchase price, the amount of capital planned for the Argentine bank or the expected closing date.
This article was written by Tanya Chepkova at www.financemagnates.com.
Source: Finance Magnates
