PANews reported on June 29 that according to CrowdfundInsider, digital bank Revolut announced the acquisition of Banco Cetelem Argentina, a small local bank owned by French banking giant BNP Paribas. The deal marks Revolut's official entry into Argentina, South America's second largest economy. The acquisition covers Cetelem Bank's banking license and its approximately $6.4 million in assets. The company holds a restricted banking license in the UK and a full banking license in Mexico. According to data from the Central Bank of Argentina in March, Cetelem Bank is the smallest of Argentina's 73 financial institutions.