Revolut is acquiring Argentina’s Banco Cetelem, a small local lender owned by BNP Paribas, amid its push into Latin America.

The London-headquartered company confirmed its arrival in Argentina in a statement after a Bloomberg report earlier Thursday, and it’s already begun operations in Mexico and Brazil.

Cetelem is one of the two smallest banks among 73 in Argentina’s financial system, according to central bank rankings as of March, with about $6.4 million in assets. Revolut’s purchase would include both Cetelem’s banking license and the transfer of those assets, according to people familiar with the matter, who asked not to be named discussing an ongoing acquisition. The value of the transaction wasn’t listed in Revolut’s statement.

Revolut has already begun the regulatory process with Argentina’s monetary authority, which must approve any purchase of a banking institution. The financial technology company participated in a bidding process alongside other interested parties, including Southern Cross Group — led by businessman Norberto Morita — and brokerage firm Criteria, one of the people said. Revolut has also started hiring for roles to lead its operations in Argentina, including Agustin Danza as chief executive officer.

The move marks Revolut’s first step into South America’s second-largest economy, as it seeks to obtain a banking license that would anchor its expansion in the country’s financial system. President Javier Milei’s sweeping economic overhaul is beginning to reshape Argentina’s banking landscape, offering new opportunities for foreign players.

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