The Central Bank of Argentina has approved Revolut's acquisition of Banco Cetelem Argentina S.A. from BNP Paribas' personal finance division. After the completion of the deal, the bank will be renamed Revolut Bank Argentina S.A.U. and will operate as a regulated banking entity. The transaction price has not been disclosed, and the acquisition intention is expected to be made public around June 2025.

Revolut stated that the new bank will not immediately offer products or services to the public after the acquisition; it will first complete regulatory and operational preparations, finalize the local value proposition, and then commercialize at an appropriate time. Agustín Danza, head of Argentina operations, told Bloomberg that preparations are aimed at a 2027 launch; he stated, "Competing as a bank is necessary to fully leverage our product capabilities." After the acquisition, Danza will serve as the bank's CEO, pending routine approval from the central bank. Some reports indicate that the acquisition does not include Cetelem's existing historical customers; Revolut is acquiring a licensed shell and local entity, rather than an existing retail book.

The company disclosed that it serves over 80 million customers globally, with over 150,000 on the waiting list in Argentina. Mexico is its first fully licensed bank outside Europe, which opened earlier this year, with officials stating retail customers have exceeded 500,000, while other reports suggest the number has surpassed 1 million. Revolut is also advancing its presence in Latin America, including Brazil and Colombia, and has received conditional approval for a national bank license from the Office of the Comptroller of the Currency in the U.S., with final approvals from the FDIC, Federal Reserve, and OCC still pending. U.S. operations are planned to launch in 2027. The company also holds banking licenses in the UK, Australia, and the European Economic Area.

Danza noted that Argentina has high banking penetration, but accessibility to credit and other products remains limited. The plan is to launch a complete suite of savings, payment, credit, investment, and insurance products, with both free and paid tiers. Central Bank director Juan Curutchet publicly stated that Revolut and Mercado Pago are expected to obtain banking licenses by the end of the year; Mercado Libre's payment business is pursuing a direct application for a license rather than acquiring an existing bank. The seller is BNP Paribas' personal finance division, which is shrinking its consumer finance operations in Latin America, while the buyer is a digital bank looking to exchange an existing license for time. The driving force behind this event is regulatory approval rather than product launch; funds and organizational resources will first enter compliance, systems, and local teams, benefiting cross-border users in line and the upcoming local currency accounts, while putting pressure on local fintechs that still rely on payment licenses for credit and face higher funding costs.

Source: Public Information