Citi, one of the largest banks and financial institutions in the United States, announced a major plan for its holdings in Mexico.
The American-based bank announced its largest investment worldwide.
Citigroup announced last Wednesday that it will invest approximately $1.3 billion in Banamex, one of Mexico’s largest banks. Banamex is already a subsidiary of Citi.
According to Citigroup, the operation will be completed by 2020 and will focus on developing customer services and expanding operations.
But maybe the biggest immediate change brought by this investment will be on the name: starting this week, Banamex — the National Bank of Mexico — will be rebranded as Citibanamex.