Citigroup to Invest More than $1 Billion in Mexico

Washington, – Citigroup Inc. said that it would invest more than $1 billion in its Mexico unit, Banco Nacional De Mexico, which will be known as Citibanamex.

The investments, which will be completed by 2020, are in addition to the more than $1.5 billion Citi committed to invest in the bank in September, 2014. Banamex contributes about 15% of Citigroup’s global consumer revenue, which makes Mexico second only to the United States in importance. It also earns about 15% return on shareholder equity, significantly better than Corbat’s goal of at least 10%.

Citigroup said the investments will be directed to five areas, including digital banking, information technology platforms, branches and ATMs. It will add 2,500 new ATMs to the 7,500 it has now.

Source: Qatar News Agency