Citi to invest additional $1bn in Mexican unit
Citigroup has announced that it will invest over $1bn in its Mexican unit, Banamex, to expand digital banking services and deploy additional ATMs.
As part of the investment program, Citi will also rename Banamex as Citibanamex.
The latest investment, which will be completed by 2020, is in addition to over $1.5bn investment in Mexico announced by the bank in September 2014. It included a new data center located in the state of Querétaro.
Citigroup CEO Michael Corbat said: “Citibanamex has and always will be the Banco Nacional de México.
"These investments in Citibanamex reaffirm our commitment to Mexico and our confidence in its prospects. 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."
Citibanamex's investments will be aimed at making improvements and offering new services and interfaces for Bancanet, MobileApp and Wallet.
The bank will also invest in improving technology platforms which include increased focus on cloud-based solutions; optimizing its payments infrastructure; and enhancing process automation.
Citibanamex will invest in its branch network and create digital branches that provide personalized advice and smart banking technology.
A significant number of the first 100 digital branches will be launched in Mexico City, Guadalajara and Monterrey.
Besides, Citibanamex will deploy additional 2,500 new ATMs across the country.
Currently, Citibanamex has nearly 1,500 branches and handles approximately 17.5 million transactions daily.
It operated over 7,500 ATMs and 5.7 million credit card accounts.
The bank said its priority customers will have access to a new service model that includes exclusive areas in branches and call centers for customers.
The investment will also see six branches start offering dedicated services to small and medium business clients by the end of 2016.
Image: Facade of the Banamex building located on the corner of Carranza and Palma streets in the Centro of Mexico City. Photo courtesy of Thelmadatter/Wikipedia.