China’s ICBC overtakes Wells Fargo as world’s most valuable bank brand, says survey

The Industrial and Commercial Bank of China has for the first time surpassed Wells Fargo to become the world’s most valuable banking brand, helping China itself become the No 1 country in terms of aggregate banking industry brand valuation, an industry report said.

ICBC’s brand value grew 32 per cent year on year to US$47.8 billion, the Beijing-based bank said on Monday, quoting the Top 500 Banking Brands 2017 ranking by UK-based The Banker magazine.

China’s aggregate banking brand valuation increased 25 per cent to US$259.2 billion in the 2017 list, surpassing the United States as the top country, The Banker said on February 1. However, China’s growth rate decelerated from a 42 per cent year-on-year rise in the 2016 rankings.

The ranking of the most valuable banking brands globally, in its 11th year, determines the net present value of a bank’s trademark and associated intellectual property, or its brand value. The survey is conducted by Brand Finance on behalf of The Banker.

Consistent revenue growth and improving macroeconomic factors have provided significant uplift to the valuations of Chinese banking brands, The Banker said.

China’s big-four state-owned banks, including ICBC, China Construction Bank, Bank of China and Agricultural Bank of China, made it into the top 10 global banking brands.

Eleven new Chinese banks joined the top 500 ranking for 2017, bringing the total number of Chinese banks on the list to 45.