Equity Group has achieved a remarkable milestone by emerging as the 2nd strongest banking brand globally.
Climbing from the 4th position in 2023, East and Central Africa’s largest financial institution now holds a prestigious position in the World’s Top 10 Strongest Banking Brands, boasting a Brand Strength Index (BSI) score of 92.5 out of 100 and an elite AAA+ brand strength rating.
This marks a significant improvement of 0.1 points in BSI from its debut ranking in 2022.
Each year, Brand Finance, a leading brand valuation consultancy, evaluates 5,000 of the biggest brands worldwide and publishes comprehensive reports, including the annual Brand Finance Banking 500 ranking, which encompasses the World’s Top 500 most valuable and strongest banking brands.
Equity Group’s brand value has also witnessed a substantial increase, rising by USD 22 million from last year’s USD 428 million to USD 450 million (approximately Kes. 64 billion).
Dr. James Mwangi, Managing Director and CEO of Equity Group, attributed this remarkable success to the institution’s robust governance structures, adherence to core values, unwavering commitment to customer centricity, performance excellence, and organizational culture of excellence.
“The ranking as the 2nd strongest banking brand globally is a testament to our purpose of transforming lives, giving dignity, and expanding opportunities for wealth creation,” stated Dr. Mwangi.
He said this achievement reaffirms Equity Group’s dedication to its customers, industry, and stakeholders, serving as a reminder of the aspirations they are committed to achieving.
David Haigh, Chairman & CEO of Brand Finance, noted that while China’s mega-banks continue to dominate the top of the brand value ranking, local banks are increasingly outshining larger counterparts in brand strength.
“Another key insight from our 2024 data is that local banks increasingly outshine their larger counterparts in brand strength. 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,” Haigh said.
