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Investing.com -- Revolut Ltd., Europe’s largest digital bank, plans to acquire Banco Cetelem in Argentina from BNP Paribas (OTC:BNPQY), according to Bloomberg, citing sources familiar with the transaction.
The London-based fintech company is set to purchase the small Argentine lender, which will include both Cetelem’s banking license and the transfer of its assets.
Banco Cetelem ranks among the two smallest banks in Argentina’s financial system, based on central bank data from March. The bank holds approximately $6.4 million in assets and is positioned near the bottom of Argentina’s 73 banks.
The financial terms of the deal have not been disclosed. The acquisition represents Revolut’s move to establish a presence in the Argentine banking market.
Cetelem is currently owned by French banking group BNP Paribas.
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