World’s most valuable financial brands shift to Asia

Brand Finance plc, in association with The Banker Magazine, has launched the 2007 edition of the Global 500 Financial Brands Index – an annual review of the top financial services brands in the world measured by both brand strength and brand value.

The Brand Finance study indicates that the strongest and most valuable banking brand in the world is HSBC (AAA Brand Rating – US$35,456 million brand value). HSBC knocked Citibank into second position (AA Brand Rating – US$27,817 million brand value). It has become the most valuable banking brand in both Retail and Corporate sectors as well as overall.

Although now headquartered in London, HSBC has its roots in China, and used to be headquartered in Hong Kong, Brand Finance said in a statement.

American Express (AAA Brand Rating – US$16,183 million brand value) is the most valuable Credit Card brand in the world. Three Chinese banking brands (Industrial and Commercial Bank of China, China Construction Bank and Bank of China) were also thrust into the top 25 most valuable banking brands, illustrating the rapidly growing power of the Chinese economy and the brands within it.

Brand Finance Lanka’s Managing Director Ruchi Gunewardene pointed out that whilst there are no Sri Lankan brands on the top 500 list, the report is useful as it provides some hints on what local banks should be considering.

“There are a vast number of financial products and services in the local market, so differentiation through strong branding is vital.

I am not talking about advertising here. What I mean is that banks need to provide a consistent and holistic brand experience which is linked to their products and customer services. This is beyond just communication”.