A brand valuation consultancy firm, Brand Finance has ranked Equity Group 4th strongest banking brand globally.
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.
Equity Group Managing Director and CEO James Mwangi expressed his enlightenment for the recognition as one of the strongest banks in the world.
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“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.
Every year, Brand Finance rates the top 5,000 global brands across all industries and nations.
According to Declan Ahern, Director of Brand Finance, banks and brands around the world have recovered dramatically since 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,” he said.
Brand Finance 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.
