Brand values soar for Australian banks
ANZ has retained its title as Australia’s most valuable banking brand in a year that saw lower ranked institutions such as BT Financial Group increase their standing exponentially.
For the second year in a row ANZ was ranked the 39th most valuable financial institution in the world, adding US$93 million to its portfolio to surpass the US$5.9 billion mark, according to the annual Brand Finance Banking 500.
It was followed by Commonwealth Bank, which jumped from 44th globally last year to 42nd this year, with more than US$5.47 billion, the brand valuation agency said.
Westpac also had a strong year, jumping 19 per cent in value to US$4.9 billion.
But in a year that saw almost all Australian banks increase their brand value, the biggest gains were made by lower ranked institutions.
BT Financial Group grew 94 per cent to almost US$500 million, which saw its global ranking skyrocket 93 places to 203rd.
Suncorp, meanwhile, improved its brand value by 28 per cent, while Bankwest jumped 20 per cent.
The rankings are based on Brand Finance’s 'royalty relief’ algorithm, which calculates how much a corporation would have to pay in royalties to license a brand if it did not own it.
The full results are published in the February edition of The Banker magazine.
AUTHOR
Kate Cowling
Recommended for you
Minister for Financial Services, Stephen Jones, has said he did not expect backlash to changes around advice fee deduction and believes the second tranche will have greater impact, committing to enact it by May 2025.
Financial adviser numbers are “back in black” for the year to date, thanks to 50 new entrants joining the industry over the last four weeks.
An equity partner firm of Count has purchased a Brisbane-based accounting business for nearly $1 million, as Count drives forward its inorganic growth momentum.
Australia’s looming intergenerational wealth transfer remains a crucial opportunity for financial advisers, with 14 per cent of consumers looking to transfer $1 million or more.
