Citi to invest over $1B in Banco Nacional de Mexico
Citi announced that it will invest more than $1B in its Mexican business, historically known as Banco Nacional de Mexico or Banamex. The investments, which will be completed by 2020, will support the bank's commitment to deliver exceptional customer experiences and to provide expanded offerings to clients. As part of the investment program and as a further sign of Citi's commitment to Mexico, Banamex will be known as Citibanamex going forward. This initiative is in addition to the more than $1.5B Citi committed to invest in Mexico in September 2014. "Citibanamex has and always will be the Banco Nacional de Mexico," said Michael Corbat, CEO of Citigroup. "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 will increase its focus on cloud-based solutions; optimize its payments infrastructure; and improve process automation to make interactions between customers and the bank more intuitive and efficient, with enhanced quality and security standards. Citibanamex will invest in its branch network and create digital branches that offer high-level, personalized advice and smart banking technology. The vast majority of the first 100 digital branches will be launched in Mexico City, Guadalajara and Monterrey. Citibanamex will add 2,500 new ATMs to its network across the country. 1,500 of these new ATMs will be capable of performing an expanded set of services, including check deposits and payments.