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National Bank of Egypt becomes most valuable Egyptian brand

28 February 2023
This article is more than 1 year old.

View the full Brand Finance Egypt 10 2023 report here

National Bank of Egypt has become the most valuable Egyptian brand, valued at US$478 million

The National Bank of Egypt (brand value up 4% to US$477.7 million) has become the most valuable Egyptian brand, according to a new report from leading brand valuation consultancy, Brand Finance. In a challenging year affected by the Russian invasion of Ukraine, and very high inflation, the National Bank of Egypt has taken the crown of Egypt’s most valuable brand from Orascom (brand value down 19% to US$451.91 million).

Every year, leading brand valuation consultancy Brand Finance puts thousands of the world’s biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. Egypt’s top 10 most valuable and strongest brands are included in the annual Brand Finance Egypt 10 2023 ranking.

Throughout the last year, the National Bank of Egypt has issued deposit certificates offering very high interest rates at up to 25%, with the Egyptian Pound continuing to devalue.

Andrew Campbell, Managing Director, Middle East, Brand Finance commented:

“The National Bank of Egypt’s key role in financing government projects, lending to the Egyptian Government, and serving as the most common banking provider to government employees has helped to buttress the value of the brand and improve its brand equity.”

Efg-Hermes and Ezz Steel are fastest-growing Egyptian brands, up 52% and 32%

Banking brand EFG Hermes (brand value up 52% to US$90 million) is the fastest growing Egyptian brand. The banking and financial services brand mostly serves frontier emerging markets. Its impressive growth primarily comes as the result of a recently concluded acquisition of aiBANK, marking a strategic entry into the fast-growing and solid Egyptian commercial banking sector. This completes the brand’s transformation into an Egyptian universal bank, in that it has diversified to now operate an investment bank, a commercial bank and a fast-growing Non-Bank Financial Institutions (NBFI) platform.

Ezz Steel (brand value up 32% to US$67.12 million) is the second-fastest growing brand in the ranking, with its brand value increasing by around US$17 million. The brand continues to invest in the latest steelmaking technology, while it has also increased its output in the last year. This comes as a result of the high demand for its steel for large construction projects associated with Egypt’s fast rate of economic growth.

In addition to being most valuable, National Bank of Egypt is also the strongest Egyptian brand, earning upgrade to AAA- rating

In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 150,000 respondents in 38 countries and across 31 sectors.

As well as being the most valuable Egyptian brand, National Bank of Egypt also earned the highest-rating in the Egypt 10 ranking for brand strength, a reflection that it is held in high regard by its key stakeholders. It had a Brand Strength Index (BSI) score of 80/100 and corresponding AAA- rating. This has been bolstered by its various community engagement initiatives, as well as the launch a strategy to boost its digital transformation. This has improved customers' digital experience in the various banking aspects, further contributing to its 4-point BSI score increase in 2023.

View the full Brand Finance Egypt 10 2023 report here

Media Contacts

Penny Erricker
Communications Executive
Brand Finance

About Brand Finance

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.

Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.

Brand Finance is a regulated accountancy firm, leading the standardization of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.

Definition of Brand

Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.

Brand Strength

Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.

Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.

Brand Valuation Approach

Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.

The steps in this process are as follows:

1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.

2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.

3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.

4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.

5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.

6 Apply the royalty rate to the forecast revenues to derive brand revenues.

7 Discount post-tax brand revenues to a net present value which equals the brand value.


Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.

The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.

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