An organization that provides brand valuation consulting, Brand Finance, has ranked Equity Group as the fourth-strongest banking brand in the world.
With an outstanding AAA+ brand strength rating and a Brand Strength Index score of 92.4 out of 100, the lender moved up from fifth place last time.
This represents an increase of 1.6 BSI points over its 2022 debut position.
After posting $531.7 million in 2022, an increase from $338 million, its brand value rating also increased, moving up from position 338 last year to position 291 this year.
“We are delighted to see that Equity has once again been recognized as one of the strongest banking brands in the world by Brand Finance,” Equity Group Managing Director and CEO James Mwangi said.
“We are excited that 4 of the top 10 banks are from the African continent and that in a span of 1 year the Bank’s brand value has ascended by 37% and improved its ranking inching one step closer to position 1 globally,” Mwangi added.
Yearly, Brand Finance ranks the 5,000 biggest brands in the globe from all sectors as well as countries.
Declan Ahern, Director of Brand Finance, says that banking brands across the globe have continued to recover significantly post Covid-19.
“There has been an improvement in digital banking services, government stimulus measures have been relatively successful, and the rise of mobile banking and online platforms have contributed to the sector’s positive performance,” said Ahern.
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The consultancy defines brand value as the net economic benefit that a brand owner would achieve by licensing the brand in the open market.
They also define brand strength as the efficacy of a brand’s performance on intangible measures relative to its competitors.
