Equity Group, East, and Central Africa’s largest financial services Group has been named the 5th strongest banking brand in the world. According to the Brand Finance Banking 500 2022 Annual Report that was released this week, Equity Group is among the few banks from smaller and emerging markets to join a total of 30 new entrants into the top 500 banking brands.
The Group entered the list with an impressive Brand Strength Index (BSI) of 90.8 compared to the strongest banking brand that scored a BSI index of 94. The Group tied with the top four banking brands with a similar brand ranking score of AAA+, the highest rating that a brand can attain.
Brand Strength Index (BSI) is calculated by assessing a brand’s marketing investment, Stakeholder Equity and Business Performance. Based on the BSI, a brand is assigned a corresponding Brand Rating of up to AAA+, similar to a credit rating.
While Equity was ranked position 338 overall among the top 500 banking brands, the report shows that it is not only a new entrant but also the leading bank in Sub-Saharan Africa outside of South Africa, in the league.
“As banks continue to battle the fallout from the COVID-19 pandemic, the importance of a solid brand is more significant than ever. Banking products are becoming commoditised, and banks will need to continue differentiating themselves from other competitors in the market through the use of their brand, particularly in the face of an emerging threat from challenger brands and decentralised finance in the future.” David Haigh, the Chairman and CEO of Brand Finance, said.
Commenting on the ranking, Dr. James Mwangi, Equity Group Managing Director and CEO said, “The ranking of Equity as the 5th strongest banking brand in the world is a strong validation of our twin-engine business model that has positioned Equity as a social banking brand, driven by our vision of championing the social economic prosperity of the people of Africa.”
Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes nearly 100 reports, ranking brands across all sectors and countries. The world’s top 500 most valuable and strongest banking brands are included in the annual Brand Finance Banking 500 ranking.
Across the banking sector, the key drivers of a strong brand are strong stakeholder perceptions of its range of products and services, the quality of its digital platforms, strong customer service and overall accessibility to customers.
Brand Finance is the world’s leading independent brand valuation and strategy consultancy with its headquartered in London and has a presence in more than 20 countries.
Equity Group ranked in position of 39 globally on return on assets, position 71 on return on capital, and position 149 on soundness (Capital Assets to Assets ratio), in the Top 1,000 World Banks 2021 report by The Banker magazine, further consolidating its position among global banking giants. Kenya continues to boost its international financial centre pedigree with two banking brands in the top 500 Global Banking Brands while Egypt and Morocco have three each, Nigeria has five and South Africa has seven.