Revolut has obtained approval from the Central Bank of Argentina to acquire Banco Cetelem and plans to enter the local banking market

According to Crowdfund Insider, digital bank Revolut announced that it has received approval from the Central Bank of Argentina to acquire Banco Cetelem Argentina, a subsidiary of BNP Paribas.

After the transaction is completed, the institution will be renamed Revolut Bank Argentina S.A.U. and will operate as a licensed bank, but initially will not offer products or services to the public. It will officially launch local operations after completing the remaining regulatory and operational requirements.

Revolut stated that there are currently over 150,000 people on the waiting list for its operations in Argentina.