Argentina's central bank clears Revolut to acquire Banco Cetelem, with commercial launch targeted for 2027
Argentina’s central bank clears Revolut to acquire Banco Cetelem, with commercial launch targeted for 2027 #
Revolut has received regulatory approval from Argentina’s Central Bank (BCRA) to acquire Banco Cetelem Argentina S.A., a small lender currently owned by BNP Paribas Personal Finance.
Revolut announced the deal in June 2025, calling Argentina one of its “most promising growth opportunities” in Latin America. The transaction still needs to formally close, and the acquired entity will not immediately serve the public. Once complete, the bank will be rebranded as Revolut Bank Argentina S.A.U.
Before opening to customers, the renamed institution must meet remaining capital, operational, and regulatory conditions set by the BCRA. Revolut is targeting a commercial launch in 2027, Revolut Argentina CEO Agustín Danza told Bloomberg. “It’s a major milestone on the path to Revolut’s launch in Argentina,” Danza said. “Competing as a bank is when we can deploy the full power of our value proposition and have the greatest possible impact.”
Danza is also expected to formally head the Argentine banking subsidiary once the central bank approves his appointment. The local board will be chaired by Juan Marotta, a former chief executive of both HSBC Argentina and HSBC South America.
Banco Cetelem is one of Argentina’s smallest regulated banks, holding roughly $6.4 million in assets according to BCRA data cited by Bloomberg at the time of the deal’s announcement. Revolut pursued the acquisition rather than applying for a new banking licence, an approach it also used in Mexico, where it launched banking operations in January after becoming, according to its own statement, the first independent digital bank to receive a Mexican banking licence through a direct application. Revolut said its Mexican operation now serves more than 500,000 retail customers.
More than 150,000 consumers have joined Revolut’s Argentine waitlist ahead of any formal opening. Once operational, the company plans to offer multicurrency accounts, fee-free peer-to-peer transfers, foreign exchange, budgeting tools, credit, savings, and investment products. Revolut said Argentina has high banking penetration but limited consumer access to credit.
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