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Equity Group has further solidified its position as one of the most robust banking brands on a global scale by achieving exceptional rankings in Brand Finance’s 2024 Brand Strength and Brand Value assessments.

In its third consecutive appearance in the Brand Finance Banking 500 rankings, Equity has ascended from 4th place in 2023 to 2nd place in the World’s Top 10 Strongest Banking Brands, boasting a remarkable Brand Strength Index score of 92.5 out of 100 and an esteemed AAA+ brand strength rating.

This represents a notable 0.1 point enhancement in its BSI from its inaugural ranking in 2022.

Moreover, Equity has witnessed a substantial increase in its brand value, escalating by USD 22 million from last year’s value of USD 428 million to USD 450 million (Kes. 64 billion), positioning it as the tenth most valuable banking brand in Africa.

In response to these accolades, Dr. James Mwangi, the Managing Director and CEO of Equity Group, expressed his satisfaction, stating that their unwavering commitment to robust governance structures, exemplary practices, core values, dedication to customer-centricity, performance excellence, culture of organizational distinction, and effective execution serve as the bedrock for the sustainable evolution, growth, and enhancement of their brand.

“Securing the 2nd position as the strongest banking brand worldwide is a testament to the relevance of our mission to transform lives, uphold dignity, and broaden opportunities for wealth creation for our valued customers, the industry, and stakeholders. It reinforces our steadfast dedication to realizing our aspirations. Furthermore, we are gratified to note that four of the top ten strongest banks in the ranking hail from Africa. As we continue to anchor our operations on our purpose and enhance the daily lives of our customers, our commitment to innovation and excellence is invigorated, propelling us to redefine benchmarks and spearhead transformative solutions in the financial sector.”

Each year, Brand Finance, a leading brand valuation consultancy, rigorously evaluates 5,000 prominent brands and issues nearly 100 reports, ranking brands across various sectors and regions. The annual Brand Finance Banking 500 ranking encompasses the world’s 500 most valuable and strongest banking brands.

While trust remains a pivotal factor influencing customer preferences in banking services, Brand Finance’s research underscores the significance of articulating a sense of purpose and delivering products and services in alignment with customer preferences in determining brand success.

Renowned as the most authoritative report in the industry, the Brand Finance Banking 500 report assesses the brand value of global financial institutions using quantitative and qualitative metrics, including brand strength, brand loyalty, and revenue projections.

Equity has distinguished itself in the banking sector as a purpose-driven entity committed to enhancing lives, preserving dignity, and fostering opportunities for wealth creation not only for its clientele but also for the communities it serves.

Dr. James Mwangi further emphasized, “Our findings underscore that businesses grounded in purpose and values are poised for enduring sustainability, enabling them to thrive even in challenging circumstances.”

Equity’s legacy of resilience, adaptability, and proactive innovation has enabled the institution to flourish across diverse operational landscapes. By offering innovative products and services, engaging stakeholders proactively, and embracing new operational paradigms, Equity continues to elevate the value it delivers to its customers and stakeholders.

In 2023, Equity’s subsidiaries, including Equity BCDC, Equity Bank Rwanda, and Equity Bank Tanzania, demonstrated notable progress. The Group’s commitment to South Sudan is evident through the introduction of new lending products, while its Uganda entity has gained significant market share and relevance.

Reflecting on the 2024 rankings, David Haigh, Chairman & CEO of Brand Finance, remarked, “As the premier banking brands globally achieve new milestones, China’s leading banks maintain their dominance in brand value rankings. Another key insight from our 2024 data is the increasing prominence of local banks surpassing larger counterparts in brand strength. Established brands thrive in specific markets with limited competition, while banks expanding into multiple markets may enhance their brand value but risk diluting brand strength.”

Brand Finance defines brand value as the net economic advantage that a brand owner could derive by licensing the brand in the open market. This concept differs from the valuation of a company’s assets. Brand strength, as defined by Brand Finance, signifies the effectiveness of a brand’s performance on intangible metrics relative to its competitors.