Chinese banks dominate global Top 500 rankings
(7 February 2017 – Global) The Industrial and Commercial Bank of China (ICBC) has surpassed Wells Fargo to become the world’s most valuable banking brand a recent survey found.
ICBC’s brand value grew 32 percent year on year to US$47.8 billion, the Beijing-based bank said on Monday, quoting the Top 500 Banking Brands 2017 ranking by UK-based The Banker magazine.
The ranking of the most valuable banking brands globally, in its 11th year, determines the net present value of a bank’s trademark and associated intellectual property, or its brand value.
Consistent revenue growth and improving macroeconomic factors have provided significant uplift to the valuations of Chinese banking brands, The Banker said.
China’s big-four state-owned banks, including ICBC, China Construction Bank, Bank of China and Agricultural Bank of China, made it into the top 10 global banking brands.
Eleven new Chinese banks joined the top 500 ranking for 2017, bringing the total number of Chinese banks on the list to 45.
Many Chinese banks are represented in the fastest climbers group, both by percentage brand value increase (12 of the top 20 climbers) and by rank (seven of the top 20).
China’s banking industry still needs to press ahead with reforms and improve its efficiency to serve the real economy
US-based Wells Fargo slipped to second place in the rankings after four years at the top. Its brand value contracted by 6 pe cent to US$41.6 billion, narrowly ahead of China Construction Bank in third place. The account opening scandal that engulfed Wells Fargo in 2016 had the biggest impact on its brand value.
Meanwhile, Commonwealth Bank of Australia was best placed of the Australian bank at 29, ahead of it Big 4 rivals; ANZ (31), NAB (38) and Westpac (47).
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