The first four places are occupied by Chinese banks, but the North Americans follow in the top 10, increasingly reducing the difference in assessment, reveals Banking 500 2023, by Brand Finance
Since 2019, Chinese banks have occupied the top four places in the Banking 500 2023 ranking, by the consultancy Brand Finance, an annual ranking that highlights the most valuable brands in the banking sector.
According to the report, the brand is evaluated by the value of intangible assets, linked to marketing, and not just to the business itself. The top ten of 2023 is dominated only by Chinese and North American brands, and although Chinese brands are losing value compared to the last assessment, the first four places are still occupied by institutions from this Asian country.
Thus, the first place belongs to the Industrial Commercial Bank of China (ICBC), founded in 1984, which is also the bank that has the largest assets in the world under management, with a valuation of 69.5 billion dollars (about of 65 billion euros), a value that fell 7% compared to the 2022 valuation.
This is followed by Construction Bank, which despite having fallen by around 4%, still reached a valuation of 62.7 billion dollars (about of 60 billion euros), and in third is the Agricultural Bank of China, with a valuation of 57.7 billion dollars (about 54.5 billion euros). In fourth place comes the Bank of China brand, worth something like 47.3 billion dollars (about 44.7 billion euros).
The first American bank to appear in the ranking is Bank of America, with a valuation of 38.6 billion dollars (about 36.4 billion euros), followed by Wells Fargo, in sixth position.
TOP 10 of the most valuable brands
1st ICBC – 69.5 billion dollars
2nd China Construction Bank – US$62.7 billion
3rd Agricultural Bank of China – US$57.7 billion
4th Bank of China – US$47.3 billion
5th Bank of America – $38.6 billion
6th Wells Fargo – $33 billion
7th JP Morgan – $31.8 billion
8th Chase – $31.3 billion
9th Citi – $30.6 billion
10th China Merchandise Bank – US$24.5 billion
Silicon Valley Bank is the fastest growing brand
Banking 500 2023 also reveals that Silicon Valley Bank (SVB), a bank specialized in banking services for venture capital companies, is the brand that recorded the fastest growth in the period under review, increasing by around 148% for 2.8 billion dollars.
Digital banks, also known as neobanks, are growing and with them their brand equity. The joint value of these brands grew from 795.6 million dollars (around 751 million euros) in 2022, to a total of 1.61 billion dollars (around 1.52 million euros), an increase greater than 100%.
Part of this growth was due to the entry of Revolut for the first time in the ranking as the value of the brand grew 57% to 194 million dollars (about 183 million euros).
This bank recently announced its new growth strategy, which resulted in 25 million new customers globally.