ComBank declared ‘strongest bank brand’ in Sri Lanka by Brand Finance
View(s):Brand Finance has declared Commercial Bank of Ceylon the ‘strongest banking brand’ in Sri Lanka in 2020, reaffirming the strength the brand and ranking the bank fourth among all brands in in the country as well as assigning the bank the highest brand value growth among the top 10 corporates in the list.
The bank retains its position at No 4 in the 2020 Brand Finance ranking of the 100 Most Valuable Brands, and enjoys the distinction of having being in the top 10 of this prestigious ranking since its inception.
Brand Finance assigned Commercial Bank a brand value of Rs.44 billion for 2020, up 18 per cent from last year, emphasising the bank’s continuing success in building its brand, ComBank said in a media release. The ranking also recognises Commercial Bank as the most valuable brand among the private sector banks in Sri Lanka.
Elaborating on Commercial Bank’s ranking, Brand Finance said the bank’s brand strength score corresponds to a AAA (Triple A) brand rating, and that the ratings also confirmed that the bank’s focus on customer service and ease of doing business seem to be key strengths that have propelled its growth. The AAA rating assigned to the bank reflects an upward movement of three places from 2019.
Notably, the Brand Finance Sri Lanka 100 brand analysis was completed pre-COVID-19 and did not include the impact of the pandemic on brand performance. However, Brand Finance estimated that the current combined brand value of Rs. 603 billion of the top 100 Sri Lankan brands could drop 9.5 per cent in value following the impact of COVID-19, equating to a total loss of Rs. 57.4 billion.
Brand Finance computes the value of brands listed on the Colombo Stock Exchange using a method based on the Royalty Relief approach – a brand valuation method used by the company globally. Every year it puts 5,000 of the world’s biggest brands to the test and ranks brands across all sectors and countries and publishes nearly 100 reports.