Regulatory Green Light for the Banco Cetelem Acquisition
Revolut has received approval from the Central Bank of Argentina to purchase Banco Cetelem, a fully licensed local bank currently owned by BNP Paribas Personal Finance. Rather than applying for a fresh banking licence and building a new institution from the ground up, the UK-based fintech is fast-tracking its entry by acquiring an already regulated entity. The deal has not yet closed, and the bank will not begin offering products or services to the general public until the transaction is completed. Upon closing, Banco Cetelem will be rebranded as Revolut Bank Argentina S.A.U., and the company will need to satisfy outstanding capital, operational, and regulatory conditions before it can open its doors to customers.
Leadership, Timeline, and Product Ambitions
Agustín Danza is slated to head the new entity as CEO, pending the central bank's customary fit-and-proper approval. Juan Marotta, who previously served as chief executive of both HSBC Argentina and HSBC South America, is expected to chair the local board of directors. Speaking to Bloomberg, Danza described the approval as a "major milestone" in Revolut's push into the Argentine market, adding that operating under a full banking licence is the point at which the company can "deploy the full power of our value proposition" and maximise its impact.
Revolut has not revealed the purchase price, the level of capital it intends to inject, or a definitive closing date. On the product side, the company has signalled a wide-ranging lineup that could include everyday banking, credit facilities, cross-border spending tools, wealth-management features, and a rewards programme, though it has stopped short of confirming exactly which services will be live at launch. Danza indicated that a commercial rollout is targeted for 2027.
A Saturated but Digitally Advanced Market
From a broker and forex-trader perspective, the entry comes at a moment when Argentina's payment ecosystem is already heavily digitalised. According to the latest BCRA data, instant electronic payments and transfers accounted for 60 percent of transaction volume by count and 73 percent by value in the first half of 2025, while physical cash represented just 6.2 percent of value in circulation. That high degree of digital penetration means Revolut is stepping into a market where the vast majority of adults already hold at least one bank or payment account.
The competitive field is no less formidable. Local digital-finance players such as Mercado Pago, Ualá, and Naranja X have entrenched their positions and command significant user bases. For a newcomer to persuade customers to switch, the offering will need to differentiate meaningfully on pricing, product breadth, or user experience. Revolut itself has labelled Argentina one of its "most promising growth opportunities" in the region, and the company reports that more than 150,000 individuals have already signed up to its Argentine waiting list since the entry plans were first announced.
Broader Latin American Footprint
The Argentine move is the latest chapter in Revolut's rapid expansion across Latin America. The firm has already launched a fully licensed bank in Mexico and recently obtained a banking licence in Colombia. In Peru, it has received initial authorisation to establish a bank but still awaits further operating approval before it can begin business. Taken together, these steps position Revolut as one of the most aggressively expanding digital-banking brands in the region, a development that may influence local currency dynamics, cross-border remittance flows, and the competitive pressures facing incumbent banks and forex brokers operating in the continent.
