July 17, 2024

Equity Bank Rises to the Top as the 2nd Strongest Banking Brand Globally

Equity Bank

Equity Bank has claimed the 2nd position in the World’s Top 10 Strongest Banking Brands, as revealed in the Brand Finance Banking 500 rankings. 

This marks the third consecutive appearance for Equity in the prestigious rankings, showcasing the bank’s steadfast ascent in the global banking arena. 

With a remarkable Brand Strength Index (BSI) score of 92.5 out of 100 and an elite AAA+ brand strength rating, Equity has solidified its position as a powerhouse in the banking sector.

From its previous standing at 4th position in 2023, Equity has demonstrated an impressive improvement, reflecting a 0.1 point BSI enhancement since its debut ranking in 2022. 

Additionally, the bank’s brand value has soared, witnessing a substantial increase of USD 22 million, surging from USD 428 million to USD 450 million (equivalent to Kes. 64 billion). This notable surge has positioned Equity as the tenth most valuable banking brand in Africa.

Dr. James Mwangi, the Managing Director and CEO of Equity Group, expressed delight at the bank’s remarkable ranking, emphasizing Equity’s commitment to becoming the strongest financial brand globally. 

“We are delighted to see that once again we have made a step towards being recognized as the strongest financial brand in the world.

Our strong governance structures, practices, core values, commitment to customer centricity, performance focus, and organizational culture of excellence and execution continue to be the foundation on which the brand is sustainably evolving, building, and developing,” he said.

Dr. Mwangi highlighted Equity’s unwavering purpose of transforming lives, fostering dignity, and expanding opportunities for wealth creation, which continues to resonate with customers, industry stakeholders, and communities.

“The ranking as the 2nd strongest banking brand globally is a testament that our purpose of transforming lives, giving dignity, and expanding opportunities for wealth creation is continuing to prove to be relevant to our customers, industry, and stakeholders.

It is a reminder of the aspirations we have committed ourselves to achieving,” he added.

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Brand Finance, a leading brand valuation consultancy, conducts rigorous evaluations to rank the world’s most valuable and strongest banking brands. 

The Brand Finance Banking 500 report encompasses quantitative and qualitative metrics.

This includes brand strength, loyalty rate, and revenue forecasts to gauge the brand value of financial institutions globally.

Reflecting on the 2024 rankings, David Haigh, Chairman & CEO of Brand Finance, highlighted significant insights gleaned from the data.

He noted that while China’s mega-banks continue to dominate the top of the brand value ranking, local banks are increasingly outshining their larger counterparts in brand strength. 

Haigh emphasized the importance of purpose-driven businesses and values-based approaches, noting their inherent sustainability and resilience in challenging contexts.

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“Dominant brands thrive in singular markets with limited competition, while banks expanding into multiple markets may successfully augment their brand value but risk diluting brand strength,” he said.

Equity’s legacy of resilience, agility, and innovation has propelled the institution to thrive across diverse operating environments. The bank’s subsidiaries, including Equity BCDC, Equity Bank Rwanda, and Equity Bank Tanzania, have demonstrated remarkable progress and performance improvements. 

Moreover, Equity remains committed to expansion and growth, with endeavors in South Sudan and Uganda reflecting its strategic vision and market responsiveness.