The newly refurbished Citibanamex branch in Mexico City’s affluent Del Valle neighborhood opens into a Scandinavian-chic space where salespeople chat with clients at touch screens. The next room, though, is filled with customers queueing up in front of tellers or waiting on benches. Outside, more line up to use the ATMs.
The facelift reflects Citigroup Chief Executive Michael Corbat’s ambition to turn the group’s Mexican operation into a “state-of-the-art bank.”
The lines symbolize the challenge: overcoming the legacy of years of underinvestment and a series of scandals that left the 133-year-old institution lagging rivals in technology, profitability, market share and customer satisfaction.