(marketingmagazine.com.my)– All Malaysian bank brands improved their global rankings in the top 500 Banking Brands 2017 according to the recent report by Brand Finance.
It was a tough battle for the top spot between local banking giants CIMB and Maybank. CIMB fought hard to regain their number one spot and 2017 saw the group increasing its brand value by 10%, however, the top position of most valuable banking brand in Malaysia went to Maybank with a 24% increase in brand value.
Both CIMB and Maybank, however, remained crowned as the top 10 ASEAN bank brands and the top 2 Malaysian Bank brands in the global brand rankings for the Top 500 Banking brands 2017, published by the Global Brand Valuation and Strategy Consulting firm, Brand Finance.
Maybank had a strong and positive brand value growth of 24% amid stiff competition from other Singapore, ASEAN and global brands and gained 11 places to be ranked amongst the top 100 most valuable bank brands in the report.
The 20% brand value increase as compared to a near zero increase in market cap improved Maybank’s brand value to market cap ratio to 15% showing the importance of the brand and its ability to contribute to the business success.
CIMB’s brand value grew by US$ 178 million helping them get closer to the US$ 2 billion mark and to Maybank.
Commenting on the success of Mabank’s brand value growth, Samir Dixit, Managing Director of Brand Finance Asia Pacific highlighted that “Maybank has been striving for the #1 bank brand spot in Malaysia for some time and it is good to see that their marketing and brand efforts are delivering on their agenda”.
Samir further added “We believe that CIMB will fight back hard. They are still a very strong brand and have the highest Brand value to market cap ratio indicating the competitiveness of the brand and its ability to contribute to business growth.”
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