Standard Bank ranked as South Africa and Africa’s most valuable banking brand for a second year
Standard Bank has been ranked as the most valuable banking brand in South Africa, and on the African continent, for 2023 for a second year in Brand Finance’s annual ranking of the world’s Top 500 Banking Brands.
Standard Bank has been ranked as the most valuable banking brand in South Africa, and on the African continent, for 2023 for a second year in Brand Finance’s annual ranking of the world’s Top 500 Banking Brands. The bank also increased its brand value by over 10% in the last year to reach over $1.74 billion US dollars.
Every year, Brand Finance puts 5 000 of the biggest brands to the test, and publishes nearly 100 reports, ranking brands across different sectors and countries. The world’s top 500 most valuable and strongest banking brands are included in the annual Brand Finance Banking 500 ranking.
Sim Tshabalala, Standard Bank Group Chief Executive, says: “We’re delighted that we continue to lead as Africa’s most valuable brand. It’s the independently assessed indication that our business model – with its focus on providing consistently excellent service and complete banking, asset management and insurance solutions to our clients – is paying dividends.”
In 2019, Standard Bank began a journey that fundamentally redefined its business. The Group’s purpose of “Africa is our home, we drive her growth”, aims to connect Africa to the world in pursuit of inclusive and sustainable growth for the continent.
About Brand Finance:
Brand Finance is the world’s leading independent brand valuation consultancy and uses the royalty relief approach to quantify the financial value of a brand – a method that estimates the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use. This value is a theoretical net economic benefit that the brand owner would achieve by licensing its brand in the open market.
Apart from calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Alongside revenue forecasts, brand strength is a crucial driver of brand value. Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation.