Standard Bank has been named Africa’s most valuable banking brand following a 26 percent increase in brand value to US$1.583 billion, according to the latest report by Brand Finance published in The Banker magazine. Picture: Nhlanhla Phillips Standard Bank has been named Africa’s most valuable banking brand following a 26 percent increase in brand value to US$1.583 billion, according to the latest report by Brand Finance published in The Banker magazine.
The continent’s biggest lender by assets impressive increase saw it inch ahead of its South African compatriot, First National Bank (whose brand value also went up 18 percent to US$1.581 billion). Standard Bank beat FNB to claim the title with a margin of just US$2 million.
Brand Finance Valuation Director Declan Ahern said that Standard Bank’s impressive performance comes off the back of hard work over the past few years, with the brand’s reputation steadily increasing since 2019. “The new brand positioning “It can be” announced mid-way through 2020, alongside continued diversification and adaptability, have clearly paid dividends. Overall, the performance of African brands has been overwhelmingly positive across the board this year, and highlights the impressive strides made by brands from the continent in recent years, ”Ahern said.
The brand valuation consultancy Brand Finance tests the 5 000 biggest brands to the test every year and publishes nearly 100 reports, ranking brands across all sectors and countries. The world’s top 500 most valuable and strongest banking brands are included in the annual Brand Finance Banking 500 ranking.
Overall, there are 20 African brands in the ranking, with South Africa dominating the African contingent as seven of its brands featured and six of which sat at the top of the continental ranking. ABSA (US$1.437 billion), Nedbank (US$1.018 billion), Investec (US$992 million), and Capitec Bank (US$625 million) joined Standard Bank and First National bank at the top.
Beyond South Africa, Nigeria boasts five brands in the ranking with Access Bank (US$379 million) the nation’s most valuable.Egypt and Morocco each have three, and Kenya had two.
According to Brand Finance, the brand values of world’s largest banks grew for first time in three years. It said that looking at the ranking from a global perspective, the world’s top 500 banking brands have turned the tide on brand value contraction for the first time in three years, showing a 9 percent year-on-year brand value growth to reach an all-time high of US$1.38 trillion
The brand value of the […]
