Citigroup has revealed plans to invest nearly MXN20 billion ($1.5bn) 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 $4bn in the next four years.
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Also, the bank intends to boost credit to Mexican energy sector by $10bn 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.
Banamex, Mexico’s second-largest bank, reported losses in February on $400m of loans to oil-services provider Oceanografia against collateral that didn’t exist.
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