Citigroup Renames Scandal-Hit Banamex, Invests $1B in Bid to Reaffirm Commitment to Mexico Agence France-Presse
go to original October 5, 2016

Bank officials announce new investment and name change (Citigroup)

Citigroup has announced a long-term plan to build up its scandal-plagued Mexican unit Banamex, renaming the company Citibanamex and pumping $1-billion into the business through 2020.

The plan includes a beefed-up physical presence in Mexico, with 2,500 new ATMs and 100 new "digital branches", which typically are staffed with a few humans and provide services through touch-screen and other automated capacities.

Citibanamex will also upgrade its computer infrastructure systems to provide better digital-banking services from PCs and smartphones. There will be special branch offerings for priority clients and small- and medium-sized businesses.

"These investments in Citibanamex reaffirm our commitment to Mexico and our confidence in its prospects," said Citigroup chief executive Michael Corbat.

"Our goal is nothing less than to create a state-of-the-art bank in Mexico, fully focused on delivering a richer, smarter, more intuitive experience to everyone who does business with us."

Citigroup acquired Banamex in 2001 and currently has nearly 1,500 branches in Mexico, 7,500 ATMs and 5,7 million credit cards.

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