UK-based neobank Revolut is reportedly set to acquire Banco Cetelem, an Argentine lender owned by BNP Paribas, as part of its expansion into Latin America.
This acquisition includes Cetelem’s banking licence and its $6.4m in assets, reported Bloomberg.
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The transaction’s value has not been disclosed.
Revolut has already initiated the regulatory process with Argentina’s monetary authority.
Following a Bloomberg report, Revolut confirmed its entry into Argentina, having previously launched operations in Mexico and Brazil.
The company aims to secure a banking licence to enhance its presence in Argentina’s financial system.
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By GlobalDataThe acquisition follows a competitive bidding process that included other interested parties, such as Southern Cross Group and brokerage firm Criteria.
To facilitate its operations in Argentina, Revolut has appointed Agustin Danza as CEO and is actively hiring for key positions.
The company is also navigating the regulatory approval process necessary for acquiring a banking institution in the country.
Last month, Revolut announced plans to invest €1bn ($1.12bn) in France over the next three years and aims to apply for a French banking licence.
This announcement was made at the “Choose France” investment summit hosted by President Emmanuel Macron at Versailles Palace.
During the same month, Revolut selected Dutch identity services provider Fourthline as its strategic partner to support its expansion plans and enhance operational agility and scalability.
