(MENAFN Press) The Brand Finance Banking 500, released today, is an annual study conducted by Brand Finance plc, the world's leading brand valuation consultancy, and published in the February edition of 'The Banker' magazine. The world's biggest banks are ranked by their brand value, with the results reflecting industry trends and indicating future developments.
Middle East banks have had an extremely successful year, almost all improving their global rank with at least double digit brand value % growth. QNB leads the group for another year with a brand value of US1.8 billion. This is up 38.5% on 2013, an increase of over half a billion dollars. This puts QNB just outside the global top 100, but with such impressive growth it is sure to break into that group next year.
Banks from the UAE represent the greatest total brand value of any Middle Eastern country, with a combined brand value of nearly US6 billion. Emirates NBD leads the Emirati pack with a brand value of US1.27 billion. It has overtaken the National Bank of Abu Dhabi, the only bank in the Middle East top 10 to have lost brand value.
Saudi Arabia, with the second highest national total, has closed the gap on UAE slightly. Its banks added a combined 1.7 billion this year in contrast to a figure of 1.5 billion for the UAE. Saudi's top bank placed 2nd in the Middle East overall and edged closer to the top spot. 45% brand value growth lifts Al-Rajhi Bank's total to US1.72 billion, bringing it within US100 million of QNB.
Oman's top bank, Bank Muscat, is the only bank brand from its country to make the global top 500. It too has enjoyed a successful year, growing 30% to reach a total brand value of US309 million.
Commenting on the results, Yousef Darwish, QNB GM Communications, stated "This is a notable achievement for The QNB Group and continues the impressive momentum delivered over recent years. As 'The World's Strongest Bank', the importance of our brand and how it is perceived by our diverse range of stakeholders is paramount across our 26 countries of operation. Brand Finance's data confirms that we are making good progress and continue to be the most valuable brand value across the MENA region. Looking to the future, The QNB Group vision is to be an icon in the Middle East and Africa by 2017."
Wells Fargo has held its position as the world's most valuable banking brand, with a total brand value of over US30 billion. Western brands in general have shown promising improvements. HSBC's brand value has grown by US 4 billion, while UBS' is up US3.35 billion, a 46% increase. Meanwhile the total for Greece is up over 100% as successful austerity measures have begun to rapidly transform the country's economic outlook.
Notable results from elsewhere in the world included the halting of rapid growth in some BRIC countries, namely Russia, India and Brazil. Their national brand value totals are down 6%, 13% and 23% respectively. China, however, continues to grow strongly. Its banks have added a total of nearly US19 billion and there are now 3 Chinese bank brands in the global top ten.