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Citi Expands Its Brand And Investments In Mexico

Citi, one of the largest banks and financial institutions in the United States, announced a major plan for its holdings in Mexico.

The American-based bank announced its largest investment worldwide.

Citigroup announced last Wednesday that it will invest approximately $1.3 billion in Banamex, one of Mexico’s largest banks. Banamex is already a subsidiary of Citi.

According to Citigroup, the operation will be completed by 2020 and will focus on developing customer services and expanding operations.

But maybe the biggest immediate change brought by this investment will be on the name: starting this week, Banamex — the National Bank of Mexico — will be rebranded as Citibanamex.

Rodrigo Cervantes is KJZZ’s bureau chief in Mexico City, where he was born and raised. He has served as opinion writer, contributor and commentator for several media outlets and organizations in Mexico and the United States, including CNN, Georgia Public Broadcasting and Univisión. Cervantes previously worked as the business editor and editorial coordinator for El Norte, the leading newspaper in Monterrey and a publication of Grupo Reforma, Mexico’s premier news group. In Mexico City, Cervantes served in Reforma as a reporter, special correspondent, editor and special sections coordinator. Cervantes also held the editor position at MundoHispánico, a division of The Atlanta Journal-Constitution and Georgia’s oldest and largest Latino newspaper. He also participated as one of the first members of the Diversity Advisory Group for Cox Media. In 2012, Cervantes was appointed as fellow for the Leadership Program of The New York Times/Nieman Foundation for Journalism at Harvard, as well as for the "Líderes Digitales" program from the International Center for Journalists. In 2010, he was awarded with the Poynter-McCormick Leadership Fellowship. Cervantes graduated with honors in communication sciences and journalism from the Instituto Tecnológico de Monterrey (ITESM), Mexico City Campus. Later, he was granted the Fundación Carolina Scholarship from the Spanish government to obtain an MBA degree at San Pablo-CEU School of Business (Madrid). Other awards include: the Power 30 Under 30 Award for Professional and Community Excellence in Atlanta, the Outstanding Alumni Medal from ITESM, and several José Martí Awards for Journalism Excellence from the National Association of Hispanic Publications (NAHP). Cervantes enjoys music, books, travel, friendship, good mezcal and the occasional company of his guitar.