The annual banking top 500 most valuable brands report by Brand Finance was published this week with SpareBank 1 making its debut appearance! If you are not familiar with SpareBank 1, it is an alliance of 14 independent banks consisting of 300 offices across Norway that collaborate on a common platform and brand name.
SpareBank 1 was not the only bank from Scandinavia that made the list. 3 banks from Sweden, Nordea, Swedbank, and Svenska Handelsbanken, and one Norwegain Bank, DNB, made it into the top 100. However, all 4 banks dropped ranking from last year at least 10 spots. According to the report, the European banking system in general is struggling to grow due to a less active approach to the financial crisis. As a result, brand values have fallen and customer satisfaction is not as high as it used to be.
As you may or may not predict, Chinas’ banks dominate the top 4 spots regardless of trade friction and currency concerns thanks to government support and a steadily growing middle class. Below you will find a summary from the press release and a link to the full report:
- Led by ICBC as the world’s most valuable banking brand (US$79.8 billion), China’s banks dominate top four spots of the ranking
- Chinese banks grow 28%, achieving US$407 billion in total brand value, over US$100 billion more than US banks
- All US banks, with the exception of Wells Fargo (-9%), Chase (-7%), and BankUnited (-6%), improve their brand value
- Growth of European banks is pedestrian, with German banks losing 24% of value, but Banca Mediolanum stands out as the fastest-growing brand in the world, up 82% year on year
- Sberbank of Russia claims the title of the world’s strongest banking brand, with a score of 93.1 out of 100 and an AAA+ rating