According to Citigroup CEO Michael Corbat, the bank aims to boost loans to small and medium-size businesses by nearly $4bn in the next four years.
The bank intends to increase credit to Mexican energy sector by $10bn over the same period.
Despite the economic downturn, Banamex managed to generate over $1bn a year in net income in recent years, accounting for more than 10% of the group’s annual income, the company said.
The Mexican unit was recently found guilty for selling loans worth $400m to oil-services provider Oceanografia in February this year without proper collateral. The group removed 12 top executives after the episode.
In the last 12 months through July, the Banemex’s loan portfolio had increase by 2.1%, as against 10% growth a year ago.
Image: Banamex branch in Mexico City. Photo: Public domain.
