Financial publication The Banker has released its list of the top 500 banks in the world – including which South African banks take top honours in the country.
The Banker teamed up with Brand Finance to compile the list which looks at financial and revenue data; market demand and the position of banks in the context of all market competitors; and brand royalty rates.
Standard Bank won the most valuable African banking brand accolade this year, recapturing its 2014 position from Absa.
Standard Bank recently shifted focus to a pan-African group brand positioning strategy, which bolstered its position, the report said.
Of all the South African banks ranked, Standard Bank was the only company to boost its brand value, with all other banks losing out in 2016.
Other South African banks, including Absa, FNB and Nedbank all saw their brand values drop by over 20%.
Capitec’s 2015 data was not tracked.
These are the best banks in South Africa:
|#||Bank||Brand Value 2015 ($m)||Brand Value 2016 ($m)||Change|
|1||Standard Bank||$1 264||$1 319||+4.35%|
|2||First National Bank||$1 385||$1 050||-24.19%|
|3||Absa||$1 338||$1 016||-24.07%|
Looking at the global picture, South Africa is ranked 25th in terms of its total banking brand value – one of only three countries in Africa to make it into the top 50, and is the highest on the continent.
South Africa’s total brand value is $5.16 billion – down 11% from $5.8 billion in 2015 – followed by Nigeria at $994 million, and Egypt at $536 million.
In terms of retail banking, the USA’s Wells Fargo is ranked at the world’s most valuable banking brand at $30 billion – with the ICBC in China ranked as the top commercial bank in the world with a brand value of $18.4 billion.