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Citigroup to Rename Banamex, Invest $1 Billion in Unit

  • The funds reaffirm the bank’s commitment to Mexico, CEO says
  • Investment focused on five areas including branches, ATMs
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Citigroup Inc., seeking to move beyond a 2014 fraud case in Mexico and settle doubts over its commitment to the nation, plans to rename its local unit Citibanamex and invest $1 billion over four years in technology and branch upgrades.

“These investments in Citibanamex reaffirm our commitment to Mexico and our confidence in its prospects,” Chief Executive Officer Michael Corbat said Tuesday in a statement. “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.”