Equity Group has been named the fifth strongest banking brand worldwide in the latest survey by Brand Finance.
The group is the sole new entrant among the top ten leading banks and has entered the arena with an impressive Brand Strength Index (BSI) of 90.8 compared to the strongest banking brand with an index of 94.
The Group is 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.
According to the Brand Finance Banking 500, 2022 report released last week, Equity is among the few banks from smaller and emerging markets to join a total of 30 new entrants into the top 500 banking brands.
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.
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.
Brand Finance CEO David Haigh said as banks continue to battle the fallout from the Covid-19 pandemic, the importance of a solid brand is more significant than ever.
Equity Group managing director James Mwangi said the ranking is a strong validation of the bank's twin-engine business model that has positioned it as a social banking brand.
“It is a moment to celebrate Africa’s rise and showcase Africa’s capacity to develop its own local and regional manufacturing and supply chains to replace the broken global supply chains as a result of the Covid-19,'' Mwangi said.
Equity Group was the most valuable bank in the Nairobi Securities Exchange with a market capitalisation of Sh199.9 billion by end of last year.
It is the only lender in Eastern Africa to hit Sh1 trillion in asset value.
