Revolut gets Central Bank of Argentina approval
Article excerpt
Highlighted: the sentence this signal was extracted from
Revolut has received approval from the Central Bank of Argentina to acquire Banco Cetelem from BNP Paribas Personal Finance. After closing the transaction, the entity will be renamed Revolut Bank Argentina S.A.U. and will operate as a regulated bank. The company added that at first it won't offer public-facing products or services. Revolut does not plan to move straight to a customer launch. It will use the period after completion to meet regulatory and operational requirements and to finalise its value proposition for Argentina. Over the coming months, the company aims to strengthen its local team and infrastructure. It will also work through ongoing regulatory, capital, and operational obligations. Buying an existing bank gives Revolut a licenced vehicle in the country, which it will operate under its own brand. According to the company, more than 150,000 consumers have joined its Argentine waitlist since it announced plans to enter the country. It also reports interest from prospective commercial partners. Though Argentine consumers already have access to a wide range of banks and fintech providers, Revolut plans to differentiate with a single-app proposition that combines everyday banking, credit, international spending, wealth, rewards, and lifestyle benefits. The acquisition is part of Revolut's broader strategy to expand its licenced banking footprint across Latin...
Keep reading with a free account
The rest of this article, and every signal for Revolut, is in your free account.
