Kenya’s Equity Bank, whose value rose from $22 million to $450 million, is the world’s second and Africa’s strongest banking brand, according to the 2024 Brand Finance’s Brand Strength and Brand Value rankings released recently.
Indonesia’s BCA is the world’s strongest banking brand, with a brand strength index score of 93.8/100 and an elite AAA+ rating.
Additionally, Romania’s Banca Transilvania emerged as the third strongest brand, followed by South Africa’s First National Bank in 4th and Kenya Commercial Bank (KCB) in 5th, meaning three out of the five strongest brands globally with AAA+ ratings all come from Africa.
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Brand Finance says their research indicates 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.
Unsurprisingly, due to 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 percent and 63 percent plunges, respectively, according to a statement from Brand Finance.
In conclusion, only 11 of the top 50 countries experienced decreases in aggregate value, led by Russia (69 percent), Malaysia (20 percent), and Nigeria (14 percent).
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