Revolut has received approval from the Central Bank of Argentina to acquire Banco Cetelem Argentina S.A. from BNP Paribas Personal Finance.

Once the deal closes, Revolut will rename the bank Revolut Bank Argentina S.A.U.

It will operate as a regulated bank, although it will not offer products or services to the public in the initial phase.

Juan Marotta, former CEO of HSBC Argentina and HSBC South America, chairs the local board.

Agustin Danza is set to become CEO when the deal closes, subject to standard regulatory approvals from the Central Bank.

“Receiving approval from the Central Bank brings us one step closer to establishing our banking operations in the country,

as we continue building our local capabilities and preparing to bring Revolut’s global financial platform to Argentine customers,”

said Danza.

During this phase, the bank will focus on meeting regulatory, capital and operational requirements.

Over the coming months, Revolut plans to strengthen its local team and infrastructure while it finalises its customer offering.

This acquisition forms part of Revolut’s wider plan to expand its licensed banking presence across Latin America.

Beyond Argentina, Revolut holds full banking licences in the UK, Mexico, Australia and the European Economic Area.

Mexico is home to Revolut’s first fully licensed bank outside Europe, which the company says serves more than 500,000 retail customers.

Featured image: Edited by Fintech News Switzerland, based on image by Revolut via its website.