Despite a year of controversy and negative publicity the Commonwealth Bank of Australia (CBA) has reclaimed its position as the country's top bank in the Brand Finance Banking 500 report.
CBA saw its brand value rise by 37 per cent to $9.2 billion, and its brand rating upgraded to AAA-, as mainstream media publications hit out at its failure to provide adequate compensation to clients of rogue advisers from the bank's financial planning businesses, Commonwealth Financial Planning (CommFP) and Financial Wisdom.
CBA's strong performance through difficult times saw it overtake ANZ, which held the top spot for the last two years, and also enjoyed growth of eight per cent in its brand valuation, while St George joined the world's top 100 with growth of 20 per cent.
Brand Finance Australia managing director, Mark Crowe, forecast that Australian banks would continue to remain competitive after the report revealed that Australia had overtaken Germany in terms of total bank brand value, jumping to ninth globally.
"Overall the Australian banks have performed exceptionally well and achieved outstanding results," he said.
"Increased brand strength will enable the banks to remain very competitive through building loyalty and minimizing customer churn."
While 13 of the country's top 16 banking brands saw their valuations rise in the global standings, MLC's brand value fell 13 per cent, as did Yorkshire Bank, with Clydesdale Bank's brand value dropped 14 per cent.
