Revolut Acquires Banco Cetelem to Enter Argentina’s Banking Market

• Revolut acquires Banco Cetelem as a stepping stone into Argentina’s market.
• Acquisition aims to secure a full banking license in the country.
• Agustin Danza appointed as CEO to drive local operations and growth.
• Revolut’s move aligns with Argentina’s evolving financial landscape.
• The deal is pending regulatory approval from authorities in Argentina.

Revolut Aims to Secure Banking License in Argentina

Revolut, a digital banking powerhouse, has officially made a significant move by acquiring Banco Cetelem in Argentina, a lender under the umbrella of BNP Paribas. The deal marks a pivotal step for Revolut as it aims to establish itself firmly in Latin America. With this acquisition, the London-based FinTech company expects to secure a full banking license within the country, allowing it to operate officially in South America’s second-largest economy, which plays a vital role in their expansion strategy.

Acquisition Subject to Regulatory Approval

The acquisition of Banco Cetelem, a bank that boasted assets of approximately $6.4 million according to the central bank as of March, is still in the pipeline pending approval from Argentina’s financial regulatory authorities. Revolut competed against various interested parties, which included private equity firm Southern Cross Group and the local brokerage Criteria, during the bidding process. Meanwhile, the company has wasted no time in strengthening its local presence by appointing Agustin Danza as the new Chief Executive Officer, who will spearhead its operations in Argentina.

Revolut Set to Transform Banking Sector in Argentina

Amidst a backdrop of substantial changes within Argentina’s financial sector—driven largely by President Javier Milei’s comprehensive economic reforms—interest is surging among both domestic and international financial entities looking to tap into new opportunities in the banking market. Revolut’s foray into Argentina not only highlights its ambitions to become a prominent player but also reflects broader trends as local FinTechs are pursuing banking licenses to adapt to the evolving landscape. With over 40 million customers already worldwide, and a mission to create a fully integrated financial super app, Revolut plans to leverage its cutting-edge technology while committing to provide reliable banking services that cater to local needs.

In conclusion, Revolut’s acquisition of Banco Cetelem marks a significant step in the company’s Latin American expansion, set to reshape the banking landscape in Argentina. With economic reforms paving the way for a revitalized financial market, the digital bank aims to capitalize on the growing demand for innovative financial services. As they prepare to launch, new leadership under Agustin Danza may well position Revolut at the forefront of Argentina’s evolving banking sector.