Equity Group has been listed as the financial institution that upgraded from the 5 th position with a Brand Strength Index score of 92.4 out of 100.
This marks a 1.6 point BSI improvement on its 2022 debut ranking. There was an improvement in its brand value ranking it at position 291 from 338 last year, after it posted a significant growth in US Dollars from $338 million (Ksh 44.2 billion) to $531.7 million (Ksh 69.5 billion) in 2022.
Once every year, Brand Finance ranks 5,000 biggest brands in the globe from all sectors as well as countries. The 500 top world’s banking brands are then listed under the annual brand Finance Banking ranking.
Read Also:US Prosecutors probing the Collapse of Silicon Valley Bank
“We are delighted to see that Equity has once again been recognized as one of the strongest
banking brands in the world by Brand Finance. We are excited that 4 of the top 10 banks are from the African continent and that in a span of 1 year, the Bank’s brand value has ascended by 37 percent and improved its ranking inching one step closer to position 1 globally.”, Equity
Group Managing Director and CEO, James Mwangi said.
Declan Ahern, Director of Brand Finance says that banking brands across the globe have improved especially post Covid-19.
Read Also:NBK Clinches Profit of Ksh 828 Million After Taxation
He added that there has been an improvement in digital banking services, government stimulus measures have been relatively successful, and the rise of mobile banking and online platforms have contributed to the sector’s positive performance.
The consultancy defines brand value as the net economic benefit that a brand owner achieves by licensing the brand in the open market.
Subscribe to our Youtube channel Switch TV
They also define brand strength as the effectiveness of a brand’s performance on intangible measures correspondent to its competitors.
