Equity Group has been ranked as the world’s second strongest and Africa’s top banking brand in the 2024 Brand Finance’s Brand Strength and Brand Value rankings.
This is the third time Equity Group features in the Brand Finance Banking 500 rankings and has climbed two positions from 2023 after attaining a Brand Strength Index score of 92.5 out of 100 and an elite AAA+ brand strength rating.
This marks a 0.1-point BSI improvement on its 2023 ranking.
The lender also saw its brand value rise by USD 22 million from last year’s brand value of USD 428 million to USD 450 million, earning it the tenth position in the most valuable banking brand in Africa.
“We are delighted to see that once again we have made a step towards being recognized as the strongest financial brand in the world. Our strong governance structures, practices, core values, commitment to customer centricity, performance focus, the organizational culture of excellence and execution continues to be the foundation on which the brand is sustainably evolving, building and developing,” said Equity Group Managing Director (MD) and Chief Executive Officer (CEO) James Mwangi.
“The ranking as the 2nd strongest banking brand globally is a testament that our purpose of transforming lives, giving dignity, and expanding opportunities for wealth creation is continuing to prove to be relevant to our customers, industry and stakeholders. It is a reminder of the aspirations we have committed ourselves to achieving,” he added.
Annually, Brand Finance puts 5,000 of the biggest brands to the test and publishes nearly 100 reports, ranking brands across all sectors and countries.
The World’s Top 500 most valuable and strongest banking brands are included in the annual Brand Finance Banking 500 ranking.
“It is clear from our learnings that businesses anchored on purpose and values will benefit from inbuilt long-term sustainability, enabling them to thrive even in the most challenging context,” added the lender’s MD.
2023 saw improvements in performance across Equity’s subsidiaries with Equity BCDC, Equity Bank Rwanda and Equity Bank Tanzania making strong strides.
“As the world’s top banking brands reach new heights, China’s mega-banks continue to dominate at the top of the brand value ranking. Another key insight from our 2024 data is that local banks increasingly outshine their larger counterparts in brand strength,” said David Haigh, Chairman & CEO of Brand Finance.
“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,” added Haigh.
Read: Equity Group Ranked The 5th Strongest Banking Brand In The World