Citigroup will invest nearly MXN20 billion (US$1.5 billion) in its Mexican unit’s technology, data centers and physical infrastructure over the next four years.
Citigroup chief executive Michael Corbat said the bank aims to boost loans to small and medium-size businesses by nearly US$4 billion in the next four years.
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Also, the bank intends to boost credit to Mexican energy sector by US$10 billion in the same period.
The loan portfolio of Citigroup’s Mexican unit, known as Banamex, rose by 2.1% in the 12 months through July, compared with a 10% expansion a year ago.
The announcement comes after months of investigation into an alleged fraud in Mexico that forced Citigroup to restate its 2013 earnings.
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