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Two of Kenya’s largest financial institutions, Equity Group and KCB Group, have been ranked among the top five of the world’s strongest banking brands.
Equity Group has been ranked as the second-strongest banking brand globally. With a brand strength index of 92.5 out of 100, it has moved up two places from its 2023 ranking.
KCB Group, making its top 10 debut in the 2024 ranking, was ranked 5th with a brand strength index of 91.5. This represents a 1.1 points improvement over last year’s score of 90.4.
Both banks also received the AAA+ elite brand strength rating, a clear indication of their strong brand presence. Equity and KCB were among four banks from Africa that made it to the top 10 positions in this year’s rankings.
Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test. It publishes nearly 100 reports, ranking brands across all sectors and countries.
Equity was also ranked 10th among Africa’s most valuable banking brands, with a brand value of USD 450 million. This represents a rise of USD 22 million from last year’s brand value of USD 428 million.
Brand Finance defines brand value as the net economic benefit that a brand owner would achieve by licensing the brand in the open market. This is, however, different from the valuation of a company’s assets.
The world’s top 500 most valuable and strongest banking brands are included in the annual Brand Finance Banking 500 ranking.
On the global front, Indonesia’s BCA Bank was ranked as the world’s strongest banking brand with a score of 93.8, climbing by 0.9 points from last year’s ranking.
China’s ICBC was the most valuable banking brand with a brand value of USD 71,828 million. In Africa, South Africa’s Standard Bank Group was the most valuable banking brand with a brand value of USD 1,966 million.
Overall, the world’s top banking brands have registered a third year of growth. This is a testament to their ability to maintain customer trust in a highly competitive environment.
