The world’s top 500 banking brands’ total brand value doubles over a decade
Chinese brands hold onto top four spots in new Banking 500 ranking by Brand Finance
- Chinese banking brands recover in value, holding on to top four most valuable banking brands spots and increasing in brand value
- Local banking brands prove stronger than global brands: Indonesia’s BCA is ranked the world’s strongest banking brand and regional African players report high scores for brand strength
- Brand values of Russian banks continue to plummet
[6th March 2024, LONDON] – The combined value of the world’s top 500 most valuable banking brands has reached a record level of USD1.44 trillion, almost double what it was a decade ago, according to a new report from Brand Finance, the world's leading brand valuation consultancy.
The Chinese banking sector demonstrates a notable recovery, with the 'big four' banks remaining well ahead of their US counterparts. ICBC (Industrial and Commercial Bank of China) maintains its position as the world's most valuable banking brand for the eighth consecutive year, boasting a 3% rise in brand value to USD71.8 billion. China Construction Bank, Agricultural Bank of China, and Bank of China secure second, third, and fourth positions respectively, following single-digit percentage increases in each of their brand values.
Despite experiencing a minor decline (4%) in brand value, Bank of America retainsthe title as the leading US banking brand for the fourth consecutive year, and is ranked fifth position overall, boasting a value of USD37.3 billion. Meanwhile, Wells Fargo, positioned sixth overall, is narrowing the margin with its American competitor, marking a 9% increase to achieve a brand value of USD35.8 billion.
David Haigh, Chairman & CEO, Brand Finance commented:
"As the world’s top banking brands reach new heights, China's mega-banks continue to dominate at the top of the brand value ranking. Another key insight from our 2024 data is that local banks increasingly outshine their larger counterparts in brand strength. Dominant brands thrive in singular markets with limited competition, while banks expanding into multiple markets may successfully augment their brand value but risk diluting brand strength."
Brand Finance’s research indicates that local and regional banks are performing as well as – and, in many cases, outperforming – global banks in terms of positioning their brand in the hearts and minds of customers. Indonesia’s BCA is the world’s strongest banking brand with a Brand Strength Index score of 93.8/100 and elite AAA+ rating. Three African brands, Equity Bank, First National Bank, and Kenya Commercial Bank, as well as Romanian Banca Transilvania all rank amongst top 5 strongest brands globally, earning AAA+ ratings.
Only 11 of the top 50 countries experienced decreases in aggregate value, led by Russia (69%), Malaysia (20%), and Nigeria (14%). Unsurprisingly due the international sanctions imposed on Russia, the country’s two largest bank brands – VTB and SBER – have suffered the biggest falls in brand value by percentage, with 91% and 63% plunges, respectively.