Equity Group and KCB have been ranked as the second and fifth strongest banking brands globally respectively in the 2024 Brand Finance’s Brand Strength and Brand Value rankings.
In its third consecutive appearance in the Brand Finance Banking 500 rankings, Equity climbed from fourth in 2023 to second in the World’s Top 10 Strongest Banking Brands.
The East and Central Africa’s largest financial institution secured a brand strength index score of 92.5 out of 100 and an elite AAA+ brand strength rating, a 0.1 points BSI improvement on its 2022 debut ranking.
Equity also saw its brand value rise by $22 million from last year’s brand value of $428 million to $450 million, earning it the 10th position in the most valuable banking brand in Africa.
KCB, the largest lender in the country by asset size as of 2023, scored 91.5 brand strength index score, representing a 1.1 points improvement over last year’s score of 90.4.
Speaking on the ranking, Equity Group Managing Director and CEO Dr. James Mwangi said they are delighted to see the bank once again making a step towards recognition as the strongest financial brand in the world.
“”Our strong governance structures, practices, core values, commitment to customer centricity, performance focus, organizational culture of excellence and execution continues to be the foundation on which the brand is sustainably evolving, building and developing.
“The ranking as the 2nd strongest banking brand globally is a testament that our purpose of transforming lives, giving dignity, and expanding opportunities for wealth creation is continuing to prove to be relevant to our customers, industry and stakeholders,” Dr Mwangi said.
He added that they are also excited to see that four of the top strongest 10 banks in the ranking are also from Africa: Equity Bank (Kenya), First National Bank (South Africa), and Kenya Commercial Bank and Capitec Bank (South Africa)
Every year, leading brand valuation consultancy, Brand Finance, puts 5,000 of the biggest brands to the test, 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.
The Brand Finance Banking 500 report gauges the brand value of the world’s financial institutions through quantitative and qualitative metrics, including brand strength, brand loyalty rate and revenue forecasts.
Brand Finance’s research indicated 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.
David Haigh, Brand Finance Chairman and CEO observed 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,” he said.
Brand Finance defines brand value as the net economic benefit that a brand owner would achieve by licensing the brand in the open market. This is however different from the valuation of a company’s assets.
They also define brand strength as the efficacy of a brand’s performance on intangible measures relative to its competitors.
