Revolut Wins Approval to Acquire Argentine Bank, Targets 2027 Launch

The useful part

The transaction must still close, and the acquired bank will not initially offer products or services to the public. Banco Cetelem to Become Revolut Bank Argentina Once the deal closes, Banco Cetelem will be renamed Revolut Bank Argentina S.A.U. Before launching to customers, the bank must also meet remaining capital, operational and regulatory requirements.

How it works

• Agustín Danza is expected to become CEO of Revolut Bank Argentina, subject to the central bank's standard approval process.
• The local board will be chaired by Juan Marotta, a former CEO of HSBC Argentina and HSBC South America.
• "It's a major milestone on the path to Revolut's launch in Argentina," Danza told Bloomberg.
• The company has outlined a broad offering spanning everyday banking, credit, international spending, wealth products and rewards, but has not said which services will be available at launch.
• Latin American Banking Expansion Continues The acquisition continues Revolut's expansion in what it calls one of its "most promising growth opportunities" in the region.

What to take from it

Argentina has an exceptionally high and growing share of mobile and electronic payme...

Details worth keeping

Revolut has just taken a shortcut to Argentina's financial sector. "Competing as a bank is when we can deploy the full power of our value proposition and have the greatest possible impact." Revolut says more than 150,000 people have joined its Argentine waiting list since it announced plans to enter the country. The commercial launch is planned in 2027, according to Danza.