Nairobi — Equity Group has been named the fifth strongest banking brand in the world, according to the Brand Finance Banking 500 2022 annual report.
The Group is the only new entrant among the top ten leading banking brands and has entered the arena with a Brand Strength Index (BSI) of 90.8 compared to the strongest banking brand that scored a BSI index of 94.
Equity tied with the top four banking brands with a similar brand ranking score of AAA+, the highest rating that a brand can attain.
"The ranking of Equity as the 5th strongest banking brand in the world is a strong validation of our business model that has positioned Equity as a social banking brand, driven by our vision of championing the social economic prosperity of the people of Africa," said James Mwangi, Equity Group Managing Director and CEO.
Overall, Equity was ranked position 338 overall among the top 500 banking brands.
According to the Brand Finance report that was released this week, Equity Group is among the few banks from smaller and emerging markets to join a total of 30 new entrants into the top 500 banking brands.
"As banks continue to battle the fallout from the Covid-19 pandemic, the importance of a solid brand is more significant than ever. Banking products are becoming commoditised, and banks will need to continue differentiating themselves from other competitors in the market," said David Haigh, the Chairman, and CEO of Brand Finance.
Equity Group was the most valuable bank in the Nairobi Securities Exchange with a market capitalisation of Sh199.9billion as of December 31.