Citi to invest $1 billion in renamed Mexico unit

WSJ – Citigroup 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 unit, previously called Banco Nacional de México or Banamex, will 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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