KOLKATA/SYDNEY: Bank brands in the APAC region posted impressive increases in their brand valuations over the past year, according to the latest international comparisons from Brand Finance.
ICICI Bank, HDFC Bank and Axis Bank also saw significant rises in their brand values and they are now valued at $2.52bn, $1.92bn and $1.3bn respectively. However, Bank of India recorded the biggest year-on-year increase in value of 83%.
Overall, India's top banks added 61% to their brand value last year, making them the second-fasted growing in the world, and India now ranks 13th globally.
There was also a strong performance in Australia where the total value of the country's banks rose 14% to $41.9bn, the Sydney Morning Herald reported.
This helped Australia to overtake Germany in terms of total bank brand value and the country is now ranked 9th globally, the report said.
Commonwealth Bank knocked ANZ off the top spot after achieving a brand value of $7.52bn (A$9.2bn). ANZ came second with $6.7bn (A$8.1bn) followed by Westpac with $5.7bn (A$6.9bn).
Brand Finance calculates the value of banks using the "royalty relief" method, which determines the royalties a corporation would have to pay to license its brand if it did not own it.
According to this measure, US banking group Wells Fargo remained the world's most valuable bank brand at $34.9bn, ahead of Chinese bank ICBC ($27.5bn) and the UK's HSBC ($27.3bn).
Another highlight from the study is that Chinese banks maintained strong growth rates. ICBC overtook HSBC to become the second most valued bank in the world, while China Construction Bank ranked fourth with a valuation of $26.4bn.
Also, Agricultural Bank of China rose from 10th to eighth ($22.7bn) while Bank of China ($20.4bn) climbed from 12th to ninth, overtaking Santander of Spain in the process.
Data sourced from Brand Finance, Business Standard, Sydney Morning Herald; additional content by Warc