Revolut consolidates its expansion in Argentina with the acquisition of Banco Cetelem
Article excerpt
Highlighted: the sentence this signal was extracted from
British fintech Revolut received approval from the Central Bank of the Argentine Republic (BCRA) to proceed with the acquisition of Banco Cetelem Argentina S.A., owned by BNP Paribas Personal Finance, in an operation that marks a new step in its banking expansion strategy in Latin America. The authorization allows Revolut to move towards closing the transaction. Once completed, the entity will change its name to Revolut Bank Argentina S.A.U. and will operate as a regulated banking institution in the country. Initially, the bank will not offer products or services to the public. During this first stage, Revolut will focus on completing regulatory, operational, and capital requirements, in addition to continuing to develop its local infrastructure and team before a future commercial launch. Agustin Danza will be appointed CEO of Revolut Bank Argentina S.A.U., subject to the approval of the Argentine Central Bank. Argentina has become one of the priority markets for Revolut's expansion in Latin America. According to the company, more than 150,000 consumers have registered on its waiting list since it announced its plans to enter the Argentine market. The fintech seeks to compete with a proposal that integrates financial services such as everyday banking, credit, international spending, investments, rewards, and lifestyle-related benefits into a single application. To advance...
Keep reading with a free account
The rest of this article, and every signal for Revolut, is in your free account.
