Three African banking brands – Equity Bank (Kenya), First National Bank, 92.29 (SA), and Kenya Commercial Bank, have been ranked amongst the top 5 strongest banking brands while South African bank Capitec is seventh. According to Brand Finance’s research, 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. Kenya’s Equity Bank scares a brand strength index of 92.46, First National Bank 92.29, while Kenya Commercial Bank brand strength stands at 91.47.
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Mr Jeremy Sampson, Chairman of Brand Finance Africa said these rankings – which are based on global best practice and are ISO compliant – show growing strength of local African brands from South Africa and Kenya.
“FNB and Capitec continue to dominate from a South African perspective and are to be heartily congratulated,” Mr Sampson says. “Nigerian banks have suffered as a result of the slippage in the value of the Naira against other currencies. Access Bank had the added sad loss of their highly respected CEO in a plane crash in the USA”.
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 retains the 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.
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Mr 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.”
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.
