Johannesburg – Five South African commercial banks are among the top 10 strongest brands in the country.
Brand Finance, a business valuation and strategy consultancy company, mentioned ABSA, Capitec, FNB, Nedbank and Standard Bank among the top 10 strongest brands in its report.
The company ranked the Top 10 Most Valuable Brands and Most Strongest Brands.
“Brand Finance also evaluates the relative strength of brands, based on factors such as marketing investment, familiarity, loyalty, staff satisfaction, and corporate reputation,” said the company.
Among the five banks, Capitec Bank’s brand value was up 33% to R6.8bn, higher than FNB’s 22% to R19.4bn.
Jeremy Sampson, executive director at Brand Finance Africa, said the emergence of brands like Capitec has the potential to help South Africa grow.
FNB went up in rankings, from 7th valuable brand to 3rd in 2018.
“It (FNB) has now become South Africa’s most valuable bank brand,” Brand Finance said.
Right behind FNB is ABSA, which grew by 3% from R18.3bn in 2017 to R18.8bn in 2018.
Standard Bank has dropped by 11% to R18.5bn. However, the bank still retains a good ranking as the 5th Most Valuable Brand.
Nedbank’s brand value increased by 16% to R14.3bn. The bank went up in its brand value ranking from 10th to 9th place.
The banking sector accounted for the largest portion in the brand value survey at 23%. This amounted to R100.1bn contributed by the sector.* SUBSCRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox.