Revolut has just taken a shortcut to Argentina’s financial sector. Instead of building a new bank from scratch and obtaining a local licence, the company is acquiring Banco Cetelem, an existing regulated bank, from BNP Paribas Personal Finance.

The Central Bank of Argentina has just approved the deal. The transaction must still close, and the acquired bank will not initially offer products or services to the public.

Once the deal closes, Banco Cetelem will be renamed Revolut Bank Argentina S.A.U. Before launching to customers, the bank must also meet remaining capital, operational and regulatory requirements.

Agustín Danza is expected to become CEO of Revolut Bank Argentina, subject to the central bank’s standard approval process. The local board will be chaired by Juan Marotta, a former CEO of HSBC Argentina and HSBC South America.

“It’s a major milestone on the path to Revolut’s launch in Argentina,” Danza told Bloomberg. “Competing as a bank is when we can deploy the full power of our value proposition and have the greatest possible impact.”

Revolut says more than 150,000 people have joined its Argentine waiting list since it announced plans to enter the country. The company has outlined a broad offering spanning everyday banking, credit, international spending, wealth products and rewards, but has not said which services will be available at launch.

The acquisition continues Revolut’s expansion in what it calls one of its “most promising growth opportunities” in the region.

Argentina has an exceptionally high and growing share of mobile and electronic payments.

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