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Citi to rename Mexican unit, invest another $1B

is renaming its Mexican bankingunit and spending another $1 billion on its operations in the country to upgradeand expand its technological offerings and retail network.

The companysaid Oct. 4 that it will rename BancoNacional de México SA to Citibanamex.

With the rebrandingeffort, Citi will invest additional funds through 2020 for improvements to fivetargeted areas, namely: digital banking, technology platforms, branches, ATMs andkey customer segment solutions. The initiative adds to a more-than $1.5 billion investment in Mexico announcedin 2014, the company noted.

Under the latestinvestment plan, Citi said that it will invest in modernizing its entire network,while also adding 100 so-called digital branches in the country — mainly in MexicoCity, Guadalajara and Monterrey. It also plans to add another 2,500 ATMs in Mexico,with more than half equipped to perform additional services including check depositsand payments.

Citi's digitalbanking efforts, meanwhile, include improvements and new services and interfacesfor Bancanet, MobileApp and Wallet. The bank will also upgrade its technology platformsin Mexico by increasing its focus on cloud-based solutions, optimizing paymentsinfrastructure and improving process automation.

The bank saidit also will employ targeted solutions that will cater to its priority customers,small and medium business clients, and corporate clients. Furthermore, the banksaid it will introduce a financial inclusion area for people who have not previouslyused traditional banking services.