Citi to Invest $1 Billion in Mexico Operations, Renames Unit

10/04/16 The Wall Street Journal

citigroupCitigroup Inc. added its name to its closely watched Mexico unit and announced plans to upgrade its retail business in the country with an investment of more than $1 billion by 2020.

The bank said Tuesday the unit, previously called Banco Nacional de México or Banamex, would now be known as Citibanamex. The change ties the Mexican unit, which ran into problems while operating relatively independently a few years ago, more closely to its U.S. parent.

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