BRANDFINANCE® banking 500 The annual report on the world’s most valuable banking brands | March 2013

Is the global banking crisis nearly over? 2 | BRANDFINANCE® banking 500 | MARCH 2013 Contents Contents

BRANDFINANCE® 3 FOREWORD banking 500 4 EXECUTIVE SUMMARY The BrandFinance® Banking 500 Is the global banking crisis nearly over? is published by Brand Finance plc and is the only study to rank the 6 THE TOP 20: PROFILES top 500 most valuable in Worthy winners the world A run-down of the world’s most valuable banking brands

15 WINNERS AND LOSERS East beats West Agricultural of China enjoyed the biggest gain in brand value this year, and HSBC suffered the biggest loss Brand Finance plc 3rd Floor, Finland House, 16 REGIONAL RESULTS 56 Haymarket, London A shifting picture SW1Y 4RN United Kingdom The overall result masks important regional and country Tel: +44 (0) 207 389 9400 variations Fax: +44 (0) 207 389 9401 www.brandfinance.com 19 SECTOR RESULTS [email protected] 20 BANKING FORUM 2013 Welcome to the age of Apple Bank? Pundits at Brand Finance’s fourth annual Banking Forum in February challenged banks to think outside the banking box when it comes to customer focus.

24 METHODOLOGY How do we value brands?

25 Bespoke reports 26 THE TOP 500 MOST VALUABLE BANKING BRANDS Five pages of league table results

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Every year the BrandFinance® Banking 500 is published by The Banker magazine, the world’s premier banking and finance resource MARCH 2013 | BRANDFINANCE® BANKING 500 | 3 Foreword David Haigh CEO Brand Finance plc

The improved performance of banks around the world reflects a concerted effort‘ to get their houses in order

Since it was first compiled The storm clouds over the global ’increasingly targeted at the specific needs in 2005 the BrandFinance® banking industry seem, at last, to be clearing. of particular groups of customers, and Banking 500 has been the most Banking, on the whole, has recovered much that cultures are becoming more customer comprehensive public table of of the ground it lost after the global financial centric rather than banking centric. banking brand values in the world. and economic crisis of 2008. Total global The change comes just in time, particularly The study is released annually and incorporates data from banks bank brand values are the highest they for big traditional Western banks. in over 50 markets, resulting in have ever been, and are nearly double the Competition is intensifying, not just from a list of the 500 most valuable level they were in 2009 at the height of the emerging markets brands such as ‘the big banking brands across the globe. crisis. Overall, brand values have risen over four’ Chinese banks, but also from small, The brand value accorded the past year by 15 per cent, to nearly $861 fast-growing challenger brands. In the UK to each brand is a summary billion. ‘new kid on the block’ Metro Bank doubled measure of its financial strength. However this encouraging news masks in size last year, Virgin Money’s brand value Each brand has also been given a some notable variations between regions, rose by 117 per cent, and the Co-Operative brand rating, which indicates its and even between countries within regions. Bank saw nine per cent higher customer strength, risk and future potential relative to its competitors. Emerging markets, particularly China, advocacy levels than its competitors and a 48 continue to drive the growth, but brand per cent increase in online current account values in South America remained flat, with applications immediately following scandals two Brazilian banks, Bradesco and Itaú, at NatWest and . Tesco’s and among the top five ‘absolute brand value Sainsbury’s financial services arms turned in losers’ this year. North America is surging a healthy performance too. ahead too. So, it seems, customers are increasingly But while Europe has rebounded over likely to switch banks, and governments are the past year, it has a way to go to regain keen to make this even easier. the post-crisis heights it achieved in 2011. But banks have a long way to go before Europe’s progress has been arrested by the they offer the exemplary service that brands disappointing performance of UK banks. such as Apple and Amazon provide. Indeed, The UK is the only top-ten country in the as speakers at our annual banking forum in BrandFinance® Banking 500 to experience a February made clear, many banks have yet fall in the values of its bank brands last year. to grasp what ‘customer focus’ really means. This, in turn, reflects significant brand-value Not only could this prompt customers to losses by leading UK players HSBC, Barclays bank elsewhere, but banks are missing a and Standard Chartered. very lucrative trick. Research aired at the But generally, the improved performance forum identified a yawning gap between of banks around the world reflects a the ‘benefits’ that banks currently provide concerted effort to get their houses in order. for their customers, and the things that Not all banks were guilty of over-stretching customers really want. What’s more, banks their balance sheets and losing customer are failing to meet customer needs that are focus, of course, but the financial crisis either unmet or poorly or very expensively served as a useful wake-up call. The signs are met by non-banking competitors. that banks are now running more efficient The writing’s on the wall. How soon will operations, that products and services are banks read it? 4 | BRANDFINANCE® banking 500 | MARCH 2013 Executive summary Is the global banking crisis nearly over? • Total global bank brand values are the highest they have ever been, and are nearly double the level they were in 2009 during the worst of the financial crisis. • Over the past year values have risen by 15 per cent, to $860.7 billion, up from Total global bank $746.8 billion in 2012. brand values • Rising values are being driven by impressive growth in emerging markets, particularly China, but leading US banks are joining the charge. are the highest • The value of North American banking brands rose by 15 per cent, European banking brands by 13 per cent and Asian brands by 28 per cent. they have ever • Brand values in Africa, Pacific and Middle Eastern countries also rose, but from a been, and are much lower base. • Brand values of South American banks, however, were flat. nearly double the • Only UK brands have defied the global trend, losing value over the past year. The level they were laggards of 2009 are finally recovering, but the reputation of the UK banking industry is still taking a battering. in 2009 during • Wells Fargo is the world’s most valuable bank brand. It leads a field of retail-focused the worst of the banks that have outperformed their competitors in other sectors. • Retail banking revenues for the top 500 are up 24 per cent, with brand values up financial crisis. 21 per cent. By contrast, investment banking revenues fell by seven per cent and brand values fell by 14 per cent.

European banks North America surges ahead regain some ground • The US leads the field by a considerable margin when it comes to banking brand values. • After losing 20 per cent of value • U S banking brands are worth over $230 billion, $26 billion (13 per cent) higher than last year. last year, European banks have • U S banks have outperformed their European counterparts. Most have disposed of bad rebounded with a 13 per cent rise assets, the domestic economy and property market are starting to recover, and banks’ in brand value. However, they earnings projections, a key brand value driver, have therefore improved. have some way to go to regain the post-crisis levels they reached in • U S banks have helped boost employment: numbers are up ten per cent. 2011. • Wells Fargo is the most valuable brand in the world, at over $26 billion. • E uropean banks continue to • By contrast, Goldman Sachs’ 20 per cent loss in brand value and falling brand strength struggle with problems in the rating (from AAA- to AA+) has put it outside the top 20. Eurozone and, in some cases, in • Four of the top five, five of the top ten, and 93 of the top 500 banks in the Banking 500 are their own domestic economies. North American. • O nly five European banks are ranked in the top ten this year. is the most valuable • O verall European bank banking brand in the world performance was held back by falling brand values in the UK. $26bn MARCH 2013 | BRANDFINANCE® BANKING 500 | 5 Executive summary

RUSSIAN banks have grown by $1.5bn wiped off UK bank brand value • The UK is the only top-ten country in the BrandFinance® Banking 500 to see the value of its bank brands fall in 2013. • R ocked by a series of damaging % scandals over the past two years, from 453since 2008 insurance mis-selling to regulatory transgressions, UK banks saw their values fall by two per cent ($1.5 billion), from $68 billion in 2012 to $66.5 billion Emerging markets show continuing this year. impressive growth • Investment banking fared worst: brand • Brand values in emerging markets grew by 15 per cent, from nearly values fell by $4 billion — a drop of $747 billion in 2012 to nearly $861 billion in 2013. 29 per cent. • R ussian banks were the best performers, growing by 453 per cent since • There were significant brand value 2008. losses by the leading UK players HSBC, • Indonesian banks have grown by 443 per cent since 2008, Philippine banks Barclays and Standard Chartered, and by 412 per cent, Colombian banks by 377 per cent and Chinese banks by both HSBC and Standard Chartered 335 per cent. were prominent in the ‘absolute brand • However, bank brand values in South America have remained static this value loser’ rankings (coming first and year. Two Brazilian banks, Bradesco and Itaú, ranked in the top five ‘absolute sixth respectively). brand value losers’ due largely to the weakening Brazilian economy. • HSBC, last year’s global leader, lost 17 per cent of its value due to money- laundering allegations and a series of Agricultural increased divestments, sacrificing the top spot to its brand value by over Wells Fargo as a result. • Standard Chartered faced its own money-laundering scandal, and Barclays took much of the heat over Libor-fixing. They lost eight per cent and one per cent of their respective brand values. bn • However, UK retail banks recovered, $6 albeit from a low base. RBS, Lloyds TSB — THE HIGHEST INCREASE OF ANY BANK and NatWest enjoyed big brand value increases — 34 per cent, 19 per cent and 22 per cent respectively. China grows increasingly dominant • Chinese banks are growing increasingly dominant, despite a slowing in The UK is the the Chinese economy. Their brand value this year reached $95.7 billion, with Agricultural Bank of China recording the highest leap in brand value only top-ten by any bank (over $6 billion), catapulting it from 18th to 11th place in the rankings. country in the • Four Chinese banks, ICBC, Agricultural Bank of China, China Construction BrandFinance® Bank and Bank of China, are among the 20 most valuable bank brands worldwide. Their collective value rose by 25 per cent last year. Banking 500 to • Agricultural Bank of China increased its brand value by over $6bn — the see the value of highest increase of any bank. • The big four are becoming increasingly international, making acquisitions its bank brands in Australia, Africa, Europe and the US. Bank of China and ICBC ran major advertising campaigns during the London 2012 Olympics, reflecting their fall in 2013. global ambitions. 6 | BRANDFINANCE® banking 500 | MARCH 2013 The Top 20: Profiles

Worthy 01 11 Wells Fargo Agricultural Bank of China winners 2012 Rank 2 BV ($m) 26,044 Change 12% 2012 Rank 18 BV($m) 15,967 Change +61% 02 12 Chase Over the next five pages are 2012 Rank 5 BV ($m) 23,408 Change 23% 2012 Rank 14 BV($m) 14,572 Change +13% mini-profiles of the world’s 20 most valuable banking brands, starting with this 03 13 year’s global leader, the HSBC Sberbank 160-year old US bank Wells 2012 Rank 1 BV ($m) 22,865 Change -17% 2012 Rank 17 BV($m) 14,160 Change +31% Fargo. 04 14 Bank of America Bank of China 2012 Rank 3 BV($m) 22,397 Change +15% 2012 Rank 15 BV($m) 14,145 Change +10%

05 15 Citi JP Morgan 2012 Rank 6 BV($m) 21,677 Change +16% 2012 Rank 16 BV($m) 13,775 Change +19%

06 16 Santander Bradesco 2012 Rank 4 BV($m) 20,119 Change +1% 2012 Rank 9 BV($m) 13,610 Change -13%

07 17 ICBC Barclays 2012 Rank 11 BV($m) 19,820 Change +31% 2012 Rank 12 BV($m) 13,436 Change -1%

08 18 American Express Itaú 2012 Rank 7 BV($m) 19,004 Change +4% 2012 Rank 13 BV($m) 12,442 Change -6%

09 19 BNP Paribas Bank of Tokyo-Mitsubishi UFJ 2012 Rank 8 BV($m) 18,573 Change +10% 2012 Rank 23 BV($m) 11,596 Change +39%

10 20 China Construction Bank Toronto Dominion Bank 2012 Rank 10 BV($m) 16,949 Change +10% 2012 Rank 21 BV($m) 10,401 Change +22% MARCH 2013 | BRANDFINANCE® BANKING 500 | 7 The Top 20: Profiles01

1 Wells Fargo Wells Fargo has become the most valuable bank brand in the world, adding nearly $3 billion of brand value over the past year, and knocking last year’s winner HSBC off its perch. Wells Fargo’s $26.04 billion valuation reflects its ability to satisfy all BRAND VALUE its stakeholders, but meeting its customers’ needs with high-quality products and +12% services is arguably the most important. $26,044m Wells Fargo’s rise to become the world’s most valuable bank has been slow and MARKET CAP steady. It has made considered entries into the highly competitive retail banking markets in eastern US and become one of the few national banks in the US. $182,986m +37% Much of the bank’s recent growth is the result of its successful engagement of disenchanted retail customers who were looking for security after the chaotic BRAND RATING period in the US banking sector following the financial crisis. Because Wells Fargo had little, if any, involvement in the transactions that brought down a number of AA+ its peers, it had a much stronger reputation to build upon. While other banks were concentrating on rebuilding their trust and their image with their customers, Wells DOMICLE Fargo capitalised on its history and identity to position itself as an alternative with US consumers who had previously had little access to it. USA Wells Fargo delivered a raft of improvements and innovations last year, including features that enabled customers to engage with it more effectively, such as the Wells Fargo Mobile App for Android-powered smartphone and tablet devices. But 2012 saw Wells Fargo’s expansion ambitions in full play too. It completed the acquisition of Burdale Financial Holding and Burdale Capital Finance from , for example, and acquired BNP Paribas’s North American reserve-based and related diversified energy-lending businesses. The BNP energy business comprises approximately 175 customer relationships, nearly $9.5 billion of loan commitments, and around $3.9 billion in loans outstanding. Around 90 per cent of the portfolio is US based, with the remainder located primarily in Canada, an increasingly important market for the Wells Fargo Energy business. Wells Fargo Securities bought Merlin Securities LLC, a prime brokerage services and technology provider based in San Francisco and New York City, and rebranded it as Wells Fargo Prime Services.

160th birthday presents In the year it celebrated 160 years of service, Wells Fargo received a number of accolades. Trade Finance magazine judged it ‘Best trade bank in the US’ for the second consecutive year, as well as ‘Best financial institution trade servicing bank’ and ‘Best overall trade bank in North America’. For the third year in a row, Global Finance magazine named Wells Fargo ‘Best corporate/institutional internet bank’ and ‘Best consumer internet bank in the United States’. The bank’s commitment to the environment was reflected in its inclusion in four different categories of the Carbon Leadership Indices. 8 | BRANDFINANCE® banking 500 | MARCH 2013 The Top 20: Profiles02, 03, 04 2 Chase BRAND VALUE Chase has moved three places up the rankings, adding nearly $5 billion of brand value, on the back of new products and services and new partnerships in Asia $23,408m +23% that consolidate its operation and demonstrate its rehabilitation after the financial crisis. With a market capitalisation only half that of either Wells Fargo or HSBC, its MARKET CAP two closest rivals in brand value terms, its brand value is 25 per cent of its market capitalisation, suggesting that the market is under-valuing it. $94,016m +40% Over the past year Chase has expanded its traveller rewards programme with Southwest Airlines, launched a new Premier Visa® Card for Disney and a new Visa BRAND RATING Signature® Card for Fairmont Hotels and Resorts, and formed a strategic partnership with Airplus International, a leading provider of corporate travel and entertainment AAA- expense solutions. Strong on social responsibility, Chase pledged to further expand its investment in DOMICLE creating new jobs and providing services in low-income communities after receiving the US Treasury Department’s largest allocation of tax credits. It also received a USA major diversity award in recognition of its commitment to increasing diversity throughout its operations. 3 HSBC BRAND VALUE -17% HSBC was toppled from its perch this year on the back of European economic crises and its involvement in facilitating a multi-billion-dollar money-laundering operation $22,865m for drug gangs, terrorists and rogue nations, which led to a record $1.9 billion fine by the US authorities. The bank also laid off more than 3,000 employees in the UK, MARKET CAP sold its insurance businesses in Hong Kong, Singapore, Argentina and Mexico to AXA Group, and announced plans to sell the remainder of its Central American banking $180,294m +47% operation to Colombian-listed banking group Banco Davivienda. Dealing with so much bad news didn’t leave the bank time to generate much good BRAND RATING news. However, HSBC did receive a number of awards, including ‘Best service from a business bank’, ‘Business product innovation of the year’ and ‘Best online banking AAA- provider’ from the UK’s leading independent finance guide Business MoneyFacts. HSBC also pledged to invest $100 million to help transform the lives of more than DOMICLE one million people through providing access to safe water and spearheading water protection projects. But it will have to work hard to clean up its image among all its UK stakeholders if it is regain its old lustre.

4 Bank of America BRAND VALUE Bank of America has been as efficient in improving its operations in the wake of the financial crisis as its US competitors Wells Fargo and Chase, but it has more to do to +15% expand its presence outside North America. $22,397m In January Bank of America embarked on a big new brand offensive designed MARKET CAP to better communicate the significant progress it has made, as well as the value of its brand and company, to all stakeholders across all lines of business around the $105,161m +145% world. “We have fundamentally transformed into a stronger, more straightforward BRAND RATING company that serves three groups of customers with distinct financial services,” said Anne Finucane, global strategy and marketing officer, recently. AA+ Bank of America won a raft of awards in both the US and the UK in 2012, many of them based on its ‘green’ credentials. For example, Bloomberg Markets magazine DOMICLE judged it the second greenest bank in the world, adding to the mounting global recognition Bank of America has received for the lending, investing and advisory USA services it provides under its ten-year, $20 billion environmental business initiative. MARCH 2013 | BRANDFINANCE® BANKING 500 | 9 The Top 20: Profiles05, 06, 07 5 Citigroup Its steady progress up the rankings reflects Citigroup’s hard work rebuilding its BRAND VALUE operational excellence and risk management strategies following the financial crisis. It celebrated its 200th anniversary in 2012 and, having refocused the franchise on $21,677m +16% the basics of banking, is well-positioned for continued profitability and growth. Employees continue to demonstrate their engagement with Citi: last year a MARKET CAP record 100,000 volunteers participated in Global Community Day, part of Citi’s commitment to helping communities in 92 countries around the world. $112,395m +78% Citi also demonstrated its global citizenship with a new partnership with the US Agency for International Development (USAID). This was designed to broaden BRAND RATING financial inclusion by fostering the rapid adoption of ‘mobile money’ technology in developing countries. AA+ Citi’s sponsorship of the US Olympic and Paralympic teams in the London 2012 games enhanced its brand image. DOMICLE New CEO Michael Corbat announced actions that will reduce expenses further and improve efficiency, while allowing Citi to continue to serve clients around the world, USA including in emerging markets. 6 Santander Santander has struggled to sustain its image as a stable bank in the face of both BRAND VALUE the financial crisis across the Eurozone and a stuttering domestic economy and high unemployment. The bank also had to deal with unexpected charges on the $20,119m +1% provisioning of real-estate assets, and announced a slimmed-down board. However, it maintained its pole position in retail banking as a result of measures to MARKET CAP diversify its operation and reduce risk. For example, it became the only Spanish or Latin American bank allowed to deal in the local currency, the renminbi, in China, $80,346m +35% reinforcing its position as a major player in the growing economic links between China and Latin America. It also increased its presence in Poland, one of its ten core BRAND RATING markets. Santander has also consolidated its position in Spain though acquisitions and strategic alliances. AAA- Santander won a raft of prestigious awards in 2012, including ‘Bank of the year’ from both Euromoney and The Banker magazines for, among other things, its ability DOMICLE to generate recurrent profits even in a difficult economic climate, and its strong balance sheet. Spain Meanwhile, Santander’s sponsorship of Ferrari continues to serve it well. 7 ICBC

Industrial and Commercial Bank of China celebrated its 20th year as a global bank last year by increasing the scale, quality and efficiency of its international operations BRAND VALUE in order to meet the growing demand from customers for global financial services. +31% Its acquisition of 80 per cent of the Bank of East Asia (a US commercial bank) is a $19,820m first for a Chinese bank and represents a bridgehead for Chinese and US companies MARKET CAP to engage further on an equal basis. ICBC’s acquisition of 80 per cent of Standard Bank Argentina is the first acquisition $242,613m +9% of a Latin American financial institution by a Chinese bank. ICBC Argentina will be the largest Chinese bank in Latin America. ICBC also received approval to set up a BRAND RATING branch in Brazil, which will facilitate bilateral trade and investment between China and Brazil. AA+ ICBC won a raft of awards last year from organisations and publications including the China Banking Association, The Asian Banker and Euromoney. Money Week voted DOMICLE ICBC ‘Most respected bank in China’ for the third year running in recognition of its outstanding social responsibility practice and good corporate image. China 10 | BRANDFINANCE® banking 500 | MARCH 2013 The Top 20: Profiles08, 09, 10 8 American Express BRAND VALUE American Express has diversified its business significantly over recent years, switching the focus of its activities from its traditional well-heeled customers to a $19,004m +4% very different demographic group – the ‘underbanked’ or ‘unbanked’ – judging the potential gains are worth the risk to its gilt-edged brand. The increase in its brand MARKET CAP value last year suggests the gamble has paid off. American Express is no longer just a charge-card company; it is now a bank, $66,025m +23% offering a growing list of services to a wider range of customers. Bluebird is an account designed to help customers better manage their everyday BRAND RATING finances. Similarly, a prepaid reloadable card with no monthly or maintenance fees will soon be available, as will a similar card aimed specifically at college students. AAA- American Express communicates its new strategy through typically memorable advertising, augmenting its traditional above-the-line approach with the innovative DOMICLE use of digital and social platforms. It continues to enjoy strong social responsibility credentials, is regularly voted one of the best places to work, and for the sixth USA consecutive year topped the JD Power customer satisfaction rankings for US credit card companies. 9 BNP Paribas BRAND VALUE BNP Paribas is the third largest bank in Europe after HSBC and Santander. With more than 15 million individual and business customers and 4,200 branches in $18,573m +10% Europe, BNP Paribas has built up an integrated customer-focused network over the past decade. This is a remarkable achievement given that BNP Paribas has been MARKET CAP formed over the years through a fusion of many different banks, most of which were originally founded in the 19th century, mainly to provide finance for business. $61,362m +45% Last year, BNP Paribas launched a ‘responsibility charter’ highlighting its commitment to all its stakeholders to engage in responsible banking. BRAND RATING It has significant operations in North America and recently finalised a joint venture with leading Russian bank Sberbank. AAA- BNP Paribas continues to sponsor Roland Garros, which, for 40 years, has been a major plank of its increasingly global sport sponsorship programme. The bank is the DOMICLE top tennis sponsor in the world. BNP Paribas scooped a number of prestigious awards last year, particularly for its France wealth management business.

10 China Construction Bank BRAND VALUE China Construction Bank (CCB) is the only banking brand to have sustained the same position in the Banking 500 ranking for three consecutive years. Ranked +10% number ten again this year, it is also the second most valuable banking brand in $16,949m Asia-Pacific, being ousted from the number one slot last year by ICBC, as the big four MARKET CAP Chinese banks jostle for market share. However, while it lost value last year, China Construction Bank increased its brand value this year by $1.5 billion. $208,838m +19% CCB is one of the largest and most reputable China-based commercial banks. Its market capitalisation is nearly $209 billion, making it the second most valuable BRAND RATING bank in the world, after ICBC, and it provides a comprehensive range of strong and innovative banking services, particularly in the wholesale, retail, and investment AA banking sectors. CCB has recently augmented its strategy of delivering steady business growth DOMICLE and consolidating its presence in retail banking, by enhancing its private banking operations with new products and services demanded by the growing number of China customers with high-value assets. MARCH 2013 | BRANDFINANCE® BANKING 500 | 11 The Top 20: Profiles11, 12, 13 11 Agricultural Bank of China Agricultural Bank of China (ABC) leapt up the league table this year, adding an BRAND VALUE impressive $6.04 billion of brand value, making it the ‘absolute brand value’ winner in 2013. Its success comes on the back of its surprisingly consistent operating $15,967m +61% excellence. ABC’s operating philosophy is ‘market-driven, customer-oriented and profit- MARKET CAP targeted’. It has a large customer base and wide network in both urban and rural areas, and this, combined with restructuring and operational transformation $152,037m +15% activities over the past year, has contributed to rapid expansion, improved quality and enhanced financial results. BRAND RATING Last year it launched a programme aimed at students, including scholarships for foreign study and internships; it opened its first overseas subsidiary — in London, AA- which will serve as a bridgehead for European expansion; and it has seen a positive return from its strategy of integrating ‘green governance’ into its operations. DOMICLE Its efforts to continually improve its management, product innovation and business structure have netted it a raft of awards, including the coveted ‘Best China investment bank’ award from Securities Times for the fourth year in a row. 12 Deutsche Bank Deutsche Bank climbed two places in the ranking this year, following two BRAND VALUE consecutive years in 14th position. Its brand value rose by almost $2 billion, though has still to regain the $15 billion value it enjoyed in 2011. Deutsche Bank $14,572m +13% has performed solidly throughout Europe, North America, Asia-Pacific and the emerging markets, and its broad offering of products and services for corporate MARKET CAP and institutional clients as well as private and business clients, makes it very well positioned for continued success and growth. $41,669m +26% Following a period of dialogue with shareholders, clients, employees and other key stakeholders, Deutsche Bank has defined its future strategic management BRAND RATING approach, operating principles and long-term strategy. It is strengthening its balanced universal banking model by integrating its existing AAA- asset management and wealth management businesses into a new business division called Asset and Wealth Management (AWM). AWM will stand alongside the other DOMICLE business divisions: Corporate Banking and Securities, Global Transaction Banking and Private and Business Clients. Germany

13 Sberbank

Sberbank’s jump from 17th to 14th position in the Banking 500 rankings this year, with an additional $3.5 billion of brand value, represents a significant step-change BRAND VALUE in its history and consolidates its position as Russia’s largest universal banking +31% institution. It recently acquired Troika Dialog, and the merged business will soon $14,160m become the undisputed regional market leader. MARKET CAP Once integration of these two complementary businesses is complete, Sberbank will be able to offer a new level of client service based on high-quality financial $65,737m +20% consultation and a broad choice of investment strategies, underpinned by a full range of modern financial instruments – from the bank’s traditional credit products BRAND RATING to complex investment banking and global markets products. Sberbank launched a campaign last year demonstrating its ability to improve AA+ its products and services to meet customers’ expectations. Its ‘How Sberbank is changing’ series of videos set a new standard in banking practice in their DOMICLE acknowledgement of customers’ problems and the bank’s commitment to address them. The videos were created with support from Sberbank’s customers. Russia 12 | BRANDFINANCE® banking 500 | MARCH 2013 The Top 20: Profiles14, 15, 16 14 Bank of China BRAND VALUE Bank of China, which celebrated its centenary last year, is steadily moving up the rankings, progress reflected in the improvement in its brand strength rating from $14,145m +10% AA- to AA+. It gained over $1 billion of brand value over the past year, based largely on the expansion of its wealth management business and the launch of new private MARKET CAP banking services to meet growing demand from the Asia-Pacific marketplace. Although it has focused its attention on enhancing services to high-net-worth $131,926m +10% individuals and corporates, Bank of China hasn’t neglected the retail banking market. It has launched a range of new products and solutions for individuals, BRAND RATING including swifter mortgage approval processes: customers can now expect an answer within one working day. AA+ Although well-known in China, the country’s oldest bank still has low international awareness. This contributes to its low brand value/market capitalisation rating of DOMICLE 11 per cent — which is fairly typical of Chinese banks. However, stability in the Asian market means that Bank of China now has the opportunity to consolidate and China strengthen its brand awareness, as well as extend its business, through acquisition, mergers and strategic partnerships within developed markets. 15 JP Morgan BRAND VALUE As well as climbing one place to become the 15th most valuable banking brand in the world this year, JP Morgan is also the most valuable wholesale/investment banking $13,775m +19% brand in the world, and the fifth most valuable banking brand in North America. It has more than made up for the 12 per cent loss of brand value it suffered last year, MARKET CAP adding over $2 billion this year. Last year the bank launched a series of new products, services and client-focused $75,413m +52% mandates designed to capitalise on its global footprint, emphasise its understanding of the changing regulatory environment and highlight its innovative approach to BRAND RATING issues affecting financial institutions. For example, the treasury services division launched the next generation JP AA+ Morgan ACCESS®, an online electronic banking portal for corporates, financial institutions and commercial banking clients. The portal has been developed for DOMICLE diverse platforms including numerous markets in Asia. USA

16 Bradesco BRAND VALUE -13% Brazilian bank Bradesco has fallen down the rankings for the third consecutive year, tumbling from ninth to 16th position in the Banking 500 after losing $2 billion of brand value. Bradesco’s fortunes reflect the weakening Brazilian economy: GDP $13,610m growth is much slower in Brazil than in the other BRIC economies, Russia, India and MARKET CAP China. However, Bradesco remains the most valuable Latin American brand. Bradesco owes its strong brand awareness in Brazil to its solid presence in the $70,270m +27% retail banking sector. Its wide branch network allows it to both service customers’ needs effectively and attract new clients. Bradesco also has strong corporate BRAND RATING responsibility and environmental policies, and will be a high-profile sponsor of the 2016 Olympic Games in Rio de Janeiro. AAA- New strategic partnerships being negotiated in developed countries and Asia could strengthen Bradesco’s brand awareness, create new business streams, help to DOMICLE diversify risk and further its global ambitions. Brazil MARCH 2013 | BRANDFINANCE® BANKING 500 | 13 The Top 20: Profiles17, 18, 19 17 Barclays If it could, Barclays might choose to erase 2012 from its history. Its involvement in BRAND VALUE -1% the rigging of the world’s most important financial benchmark — Libor — led to the loss of three of its top executives, including its chief executive Bob Diamond. Then, $13,436m last October, the US Federal Energy Regulatory Commission accused Barclays of manipulating the power market, resulting in a $470 million fine, which Barclays MARKET CAP did not challenge. As if that weren’t enough, the bank was revealed to be under investigation by the UK’s Serious Fraud Office about commercial agreements $46,686m +74% between Barclays and Qatar Holding LLC. The turbulence has had a negative effect on Barclays’ brand image, and left it BRAND RATING little time to create any good news. However, with a new chief executive at the helm committed to redressing past wrongs, Barclays’ challenge now is to rebuild its AA reputation as a pillar of the UK banking industry. DOMICLE UK

18 Itaú Itaú, which lost brand value and fell five places down the rankings this year, is, like BRAND VALUE -6% Bradesco, another victim of the weakening Brazilian economy. This was in spite of significant brand building: its brand rating rose from AA to AA+ this year. One of the $12,442m largest advertisers in Brazil, Itaú innovates constantly in terms of both advertising and sponsorships. It has built a global brand presence through its ‘Global Latin MARKET CAP American bank’ campaign, which, by referencing its roots, its current customers, its growth focus and its global feel, positions Itaú as a benchmark for Brazilian banks. $73,569m 0% For the 13th consecutive year Itaú is part of the Dow Jones Sustainability World Index (DJSI), which comprises a portfolio of 340 companies from 30 countries in BRAND RATING the Americas, Europe, Asia, Africa and Oceania. Only nine of the participants are Brazilian, and Itaú is the only Latin American bank to have been included in the AA+ index since it was created in 1999. DOMICLE Brazil

19 Bank of Tokyo-Mitsubishi UFJ Bank of Tokyo-Mitsubishi UFJ (BMTU) climbed four places in the rankings this year, adding over $3 billion of brand value and improving its rating from AA to AA+ BRAND VALUE in the process. The bank grew strongly in 2012 on the back of business alliances +39% and strategic partnerships, an expansion that will continue to increase its brand $11,596m awareness outside its historic operating markets. MARKET CAP It has forged alliances in South-East Asian countries as well as Turkey, Mexico and Brazil, in order to provide support to Japanese and foreign companies with its wide $73,785m +32% range of products and services. These include commercial banking, trust banking, securities, credit cards, consumer finance and asset management. BRAND RATING BMTU entered the Banking 500 Top 20 this year for the first time. The bank is Japan’s strongest financial brand and the fifth most valuable brand in Asia-Pacific. AA DOMICLE Japan 14 | BRANDFINANCE® banking 500 | MARCH 2013 The Top 20: Profiles20 20 Toronto Dominion Bank BRAND VALUE The Canadian bank Toronto Dominion (TD) has grown its operations in the US over the past year, demonstrating its ability to compete with big US banks. It has $10,401m +22% overtaken its Canadian rival RBC in the Banking 500, based both on operational excellence — it has a wide branch network — and growing brand awareness, MARKET CAP especially in eastern United States. Its acquisition of Target’s US credit card portfolio boosted its market share in $76,278m +20% North America. It entered into a seven-year agreement with Target to become the exclusive issuer of Target-branded Visa and private-label consumer credit cards. BRAND RATING This is a tremendous win for TD: the high-profile, national US brand will provide a considerable boost to its North American expansion. TD also announced that AAA it would acquire Epoch Holding Corporation, which will significantly enhance its North American Wealth business. Both these moves challenge RBC’s dominance in DOMICLE the credit card and wealth management businesses. Canada

Wells Fargo 14277 13130 14508 21916 28944 23229 26044 Top 20 historical overview 2013 Chase 12083 14798 8747 13400 19150 18964 23408 HSBC 33495 35456 25364 28472 27632 27597 22865 The diagram below charts the rise, fall and rise of the world’s 20 most valuable banking brands Bank of America 31426 25417 21017 26047 34076 22910 22397 over the past six years. Well’s Fargo’s steady rise contrasts with HSBC’s dramatic decline. Citi 35148 27817 9810 14362 17133 18639 21677 Santander 17063 20718 10840 25576 26150 19969 20119 ICBC 8427 10031 12083 17194 15164 19820 40 ----- Wells Fargo American Express 18109 16183 9944 12737 15529 18231 19004 ----- Chase ----- HSBC BNP Paribas 12278 14637 9360 14060 16643 16809 18573 ----- Bank of America China Construction Bank 7786 9024 12076 17092 15464 16949 35 ----- Citi Agricultural Bank of China 6032 9283 9929 15967 ----- Santander ----- ICBC Deutsche Bank 8240 8585 6703 9862 15169 12906 14572 ----- American Express 30 Sberbank 2029 3418 4531 11729 12012 10772 14160 ----- BNP Paribas Bank of China 6741 7053 9615 13257 12857 14145 ----- China Construction Bank ----- Agricultural Bank of China J.P. Morgan 6383 9064 8072 11732 13241 11602 13775 ----- Deutsche Bank 25 Bradesco 2475 4106 7698 13299 18678 15692 13610 ----- Sberbank Barclays 12182 11582 7583 13134 17358 13552 13436 ----- Bank of China Itaú 2172 3500 5593 6911 16655 13171 12442 ----- J.P. Morgan 20 ----- Bradesco Bank of Tokyo-Mitsubishi UFJ 3656 3540 5445 6393 7336 8315 11596 ----- Barclays TD 2663 4041 3257 5179 6604 8499 10401 ----- Itaú Bank of Tokyo-Mitsubishi UFJ Brand value (US$bn) value Brand ----- 15 ----- TD

10

5

0 2007 2008 2009 2010 2011 2012 2013 MARCH 2013 | BRANDFINANCE® BANKING 500 | 15 Winners and losers East beats West

Agricultural Bank of China enjoyed the biggest gain in brand value — over $6bn — this year, while HSBC suffered the biggest loss — nearly $5bn meanwhile, Bank of Moscow trebled its value.

Absolute change ($) relative change (%) Agricultural Bank of China $6,037 Bank of Moscow 208% ICBC $4,656 Coface 126% Chase $4,444 Panin Bank 124% Sberbank $3,387 Virgin Money 117% Bank of Tokyo-Mitsubishi UFJ $3,281 Discover 112% Citi $3,038 SpareBank 1 SR-Bank 111% Bank of America $2,860 Inbursa 100% Wells Fargo $2,814 TEB 99% Banco do Brasil $2,619 Espirito Santo Financial Group 97% Société Générale $2,514 Banco CorpBanca 93% Capital One $2,508 FirstMerit Corporation 92% ANZ $2,448 Bank Mandiri 82% Woori Financial Group $2,201 Rosbank 73% J.P. Morgan $2,173 ANZ 72% U.S. Bancorp $1,983 First Republic Bank 72% TD $1,902 VietinBank 70% BNP Paribas $1,764 Kuwait Finance House 67% Deutsche Bank $1,666 Newedge 63% Sumitomo Mitsui Financial Group $1,635 Crédit du Nord 63% RBC $1,630 Banorte 62% $-184 Public Bank -25% Banque Saudi Fransi $-195 Man Group -25% Bank BPH $-200 Regions Financial Corporation -26% BRD $-218 National Bank of Abu Dhabi -27% Basler Kantonalbank $-243 E*TRADE -27% Banque Privée Edmond de Rothschild $-258 Industrial Bank of Korea -28% Industrial Bank of Korea $-273 PNC -28% People's United Bank $-306 ABSA -29% Attijariwafa Bank $-361 ABN AMRO -31% Van Lanschot $-363 CITIC Securities -31% Qatar Islamic Bank $-404 Crédit Industriel et Commercial -31% China Merchants Securities $-460 Standard Bank -35% Man Group $-490 Hang Seng Bank -35% GF Securities $-601 Onex -37% Arab Bank $-602 Standard Chartered -38% CITIC Securities $-729 Itaú -39% E*TRADE $-1,514 KKR -42% SNS Reaal $-1,911 Goldman Sachs -46% Amundi $-2,082 Bradesco -46% Onex $-4,733 HSBC -66% KKR -6,000 -4,000 -2,000 0 2,000 4,000 6,000 8,000 -100 -50 0 50 100 150 200 250 Change in brand value (US$ million) Change in brand value (%) 16 | BRANDFINANCE® banking 500 | MARCH 2013 Regional results A shifting picture

Banking has recovered much of the ground it lost after the global financial and economic crisis of 2008. However the picture varies significantly between regions, and even between countries within regions, as the charts and tables over the next few pages show.

In terms of total brand value, the Top 10 countries by total brand value US leads the country rankings by a considerable margin. US banking brand 250 values stand at over $230 billion— around USA China $26 billion higher than last year. This Britain performance reflects the fact that US 200 Canada banks have cleaned up their balance France Brazil sheets and that economic recovery in the 150 Japan US has been stronger than in Europe. Spain China overtook the UK this year to take Germany Australia second position in the country rankings, 100 with brands worth over $95 billion. The (US$bn) value Brand Asian market is relatively stable, and the 50 big Chinese banks are steadily extending their business in developing markets, 0 building international brand awareness 2007 2008 2009 2010 2011 2012 2013 as they do so. North America and Asia have been rising steadily since the 2008 crisis, but while Europe recovered after 2008, RegionalAnalysis – Growth in total RegionalAnalysis – top 25 countries country brand value since 2008 by total brand value it fell back again before starting to %change Country Total brand Number Rank Country Total brand Number recover once more. Europe’s faltering value 2013 of brands 2012 value of brands performance has been significantly 452% Russia 19,480 8 1 Unites States 230,574 93 influenced by the $1.5 billion fall in brand 443% Indonesia 5,020 8 2 China 95,692 23 value of UK banks, due largely to poor 412% Philippines 874 3 3 United Kingdom 66,490 26 performances by HSBC and Standard 377% Colombia 2,089 3 4 Canada 44,731 15 Chartered. 335% China 95,692 23 5 France 44,062 24 In South America, the Pacific, the 332% Turkey 9,768 10 6 Brazil 37,957 8 Middle East and Africa, brand values 307% Malaysia 6,226 6 7 Japan 37,333 37 have remained fairly stagnant over the 292% Brazil 37,957 8 8 Spain 33,031 10 past year. 279% South Korea 20,945 16 9 Germany 28,496 16 272% Israel 2,376 5 10 Australia 28,175 18 Over the eight years that Brand 223% India 14,494 20 11 Switzerland 22,031 16 Finance and The Banker have 222% Chile 1,387 3 12 Russia 19,480 8 collaborated to produce the Banking 222% Canada 44,730 15 13 Italy 19,074 21 500, the biggest story has been the rise 214% Denmark 5,086 4 14 Netherlands 17,288 5 of the emerging markets. While this 199% Singapore 7,311 3 15 South Korea 15,429 14 trend continues, the picture was less 198% Thailand 3,659 6 16 India 14,494 20 clear cut this year. For example, while 183% Norway 3,277 2 17 Sweden 13,343 4 the brand value of Russian banks has 159% Sweden 13,343 4 18 Turkey 9,768 10 risen by 452 per cent since 2008, 154% Germany 28,496 16 19 Singapore 7,311 3 Indonesian banks by 443 per cent, 146% Uae 4,423 9 20 South Africa 7,138 9 Philippine banks by 412 per cent, and 144% Peru 271 1 21 Malaysia 6,226 6 Columbian banks by 377 per cent, two 139% Netherlands 17,288 5 22 Denmark 5,086 4 Brazilian banks feature in the ‘biggest 139% France 44,062 24 23 Indonesia 5,020 8 losers’ list this year, victims of the 129% Hong Kong 2,822 4 24 Austria 4,528 2 weakening Brazilian economy. 126% Qatar 1,902 4 25 UAE 4,423 9 MARCH 2013 | BRANDFINANCE® BANKING 500 | 17 Regional results

US BANKS

40 ----- Wells Fargo ----- Chase ----- Bank of America 35 ----- Citi ----- American Express 30 ----- J.P. Morgan

25

20 Top 10 countries by total brand value 15 Brand value (US$bn) value Brand 10

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0 2007 2008 2009 2010 2011 2012 2013 european BANKS

40 ----- HSBC ----- Santander ----- BNP Paribas 35 ----- Deutsche Bank ----- Barclays 30

25

20

15 Brand value (US$bn) value Brand 10

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0 2007 2008 2009 2010 2011 2012 2013 BRIC BANKS

40 ----- ICBC ----- China Construction Bank ----- Agricultural Bank of China 35 ----- Sberbank ----- Bank of China 30 ----- Bradesco ----- Itaú 25

20

15 Brand value (US$bn) value Brand

10

5

0 2007 2008 2009 2010 2011 2012 2013 18 | BRANDFINANCE® banking 500 | MARCH 2013 Regional results regional ANALYSIS historic overview 300, Europe North America Central America 250 South America Asia

200 Middle East Africa Pacific 150 Rest of the World / Other

Brand value (US$bn) value Brand 100

50

0 2009 2010 2011 2012 2013

North American and Asian europe north america banks have been on a steady Rank Brand 2013 2012 Rank Brand 2013 2012 rise since 2009, but despite 1 BNP Paribas 14,587 12,989 1 Wells Fargo 26,044 23,229 2 Sberbank 14,160 10,772 2 Bank of America 18,219 19,266 an early strong recovery 3 Santander 10,180 10,931 3 Chase 17,848 14,456 European bank brand values 4 Barclays 7,644 10,362 4 American Express 13,823 13,518 tumbled last year and have 5 HSBC 7,541 9,697 5 J.P. Morgan 10,503 8,845 6 7,406 7,328 6 TD 9,378 7,741 not yet regained their lost 7 6,538 5,205 7 RBC 8,592 7,379 ground. 8 Deutsche Bank 6,316 8,770 8 Citi 7,934 6,217 9 Société Générale 6,004 3,944 9 Capital One 6,897 4,604 10 ING 4,911 4,962 10 U.S. Bancorp 6,497 4,514

south america middle east Rank Brand 2013 2012 Rank Brand 2013 2012 1 Bradesco 13,610 15,692 1 QNB 1,307 1,264 2 Itaú 12,442 13,171 2 Al-Rajhi Bank 1,192 1,244 3 Banco do Brasil 9,883 7,264 3 National Bank of Abu Dhabi 988 991 4 Santander 9,594 9,038 4 Emirates NBD 971 1,038 5 Citi 4,408 3,977 5 Bank Hapoalim 792 774 6 HSBC 3,174 3,668 6 First Gulf Bank 775 713 7 Morgan Stanley 1,809 2,143 7 Kuwait Finance House 751 449 8 BBVA 1,694 8 Bank Leumi 692 545 9 Goldman Sachs 1,416 2,731 9 NBK Capital 587 512 10 Deutsche Bank 1,034 1,251 10 Samba Financial Group 568 740

africa asia - pacific Rank Brand 2013 2012 Rank Brand 2013 2012 1 Standard Bank 1,505 1,911 1 ICBC 19,472 14,758 2 ABSA 1,482 1,784 2 China Construction Bank 16,667 15,148 3 Citi 1,465 1,948 3 Agricultural Bank of China 15,967 9,929 4 Nedbank 1,259 1,049 4 Bank of China 13,768 12,537 5 First National Bank 1,045 988 5 Bank of Tokyo-Mitsubishi UFJ 10,738 6,315 6 American Express 750 1,136 6 HSBC 6,483 7,797 7 Credit Suisse 740 783 7 ANZ 5,832 3,172 8 Goldman Sachs 637 1,224 8 State Bank of India 5,729 4,472 9 Standard Chartered 528 610 9 Bank of Communications 5,587 4,406 10 Morgan Stanley 429 681 10 Sumitomo Mitsui Financial Group 5,206 3,759 MARCH 2013 | BRANDFINANCE® BANKING 500 | 19 Sector results

SECTOR ANALYSIS Brand value by product segment 400 Mortgages Credit Cards 350 Wholesale Other 300 Insurance Wealth Management 250 Investment Retail 200 Commercial Asset Management 150 Brand value (US$bn) value Brand

100

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0 2009 2010 2011 2012 2013

Retail banking revenues for Asset / Wealth Management Mortgages the top 500 were up Rank Brand 2013 2012 Rank Brand 2013 2012 24 per cent, with brand 1 Deutsche Bank 5,676 3,668 1 Rabobank 795 868 2 Credit Suisse 4,661 3,375 2 Nationstar Mortgage 782 values up 21 per cent. 3 Ubs 3,705 3,099 3 DZ Bank 760 641 By contrast, investment 4 Merrill Lynch 3,702 4 Eurohypo 555 488 banking revenues fell by 5 Morgan Stanley 3,196 2,668 5 HDFC 500 333 seven per cent and brand 6 Wells Fargo 3,188 2,589 6 BB&T 449 438 7 Blackrock 2,730 2,433 7 Virgin Money 440 202 values fell by 14 per cent. 8 State Street 2,626 2,517 8 Wesbank 363 9 Rbc 2,214 1,619 9 PNC 296 339 10 J.P. Morgan 2,136 1,788 10 Fannie Mae 295 165

Wholesale / Commercial Banking Retail Banking Credit Cards Rank Brand 2013 2012 Rank Brand 2013 2012 Rank Brand 2013 2012 1 ICBC 11,372 8,936 1 Santander 18,414 17,032 1 American Express 17,385 16,791 2 China Construction Bank 9,923 8,725 2 Wells Fargo 18,090 16,511 2 Chase 10,018 8,953 3 Banco do Brasil 9,883 7,264 3 Bradesco 12,961 14,512 3 Bank of America 9,249 8,407 4 Agricultural Bank of China 8,495 6,727 4 BNP Paribas 12,570 9,516 4 Visa 7,342 6,834 5 Bank of China 7,623 5,272 5 Chase 12,083 9,036 5 Itaú 7,244 7,514 6 Bank of America 6,107 4,611 6 HSBC 11,375 13,949 6 Citi 6,647 5,393 7 Scotiabank 5,540 4,269 7 Sberbank 8,765 6,632 7 Mastercard 5,418 5,177 8 Sberbank 5,395 4,140 8 Citi 8,468 3,730 8 Capital One 5,041 3,519 9 Citi 4,901 4,129 9 ICBC 8,245 6,097 9 Barclays 3,412 3,278 10 Wells Fargo 4,766 4,129 10 Bank of Tokyo-Mitsubishi UFJ 7,611 5,638 10 Discover 2,668 1,313

Investment Banking Insurance Top 10 Other Rank Brand 2013 2012 Rank Brand 2013 2012 Rank Brand 2013 2012 1 J.P. Morgan 11,639 9,814 1 RBC 1,126 1,010 1 Bank of America 2,985 819 2 Deutsche Bank 8,897 9,237 2 Bradesco 649 1,181 2 2,397 2,476 3 HSBC 5,098 7,512 3 DZ Bank 640 463 3 HSBC 2,289 1,479 4 Credit Suisse 4,738 4,719 4 W&W 529 484 4 Raiffeisen Bank 2,131 1,882 5 Morgan Stanley 4,353 3,679 5 RBS 399 162 5 American Express 1,596 1,440 6 Barclays 3,479 5,762 6 BNP Paribas 344 271 6 CaixaBank 1,549 0 7 UBS 3,332 2,709 7 Ameriprise Financial 340 0 7 U.S. Bancorp 1,430 1,011 8 BNP Paribas 3,187 2,755 8 TD 310 328 8 BBVA 1,258 1,089 9 BNY Mellon 3,159 3,170 9 State Bank of India 257 287 9 Nomura 1,251 20 10 Goldman Sachs 2,112 3,881 10 ICICI Bank 252 280 10 China Minsheng Bank 949 456 20 | BRANDFINANCE® banking 500 | MARCH 2013 Banking Forum 2013 Welcome to the age of Apple Bank?

A panoply of banking pundits took to the podium at Brand Finance’s fourth annual Banking Forum in February. The forum, which was held in conjunction with The Banker, BBC World News and Cass Business School, focused on leadership, innovation and change. But despite calls for banks to behave more like Apple and Amazon, most still don’t seem to have grasped what ‘customer focus’ really means. Here are some of the highlights….

STEVE DENNING, author and a former director of the World Bank.

I’m a big fan of what banks are “able to contribute to society, but, at an individual level, feel that my bank sees me as a wallet from which they are trying to extract money. Whereas Amazon looks out for my interests and pleasantly surprises me (it recently reminded me that I had already bought a book I was trying to buy), I am wary of my bank which, six years ago, tried to sell me ‘hot securities’ that turned out to be worthless hedge funds. You can download CDs now from Amazon, free, while banks try impose charges, secretly. The Edelman Global Trust Survey, I’m a big fan of published in January, shows that trust in what banks are banks is below that even of the media, ‘ energy and telecoms companies, and able to contribute it is lower in the UK (29 per cent) than anywhere else in the world (in China to society, but, at it’s 80 per cent, in emerging markets 69 per cent, in the US 50 per cent an individual level, and the average level of trust across feel that my bank developed markets is 42 per cent). But the current period of low trust in sees me as a wallet banks is unusual. Historically banking has been a ‘pillar of the community’ type from which they business and over 500 years or more has added massive value to society — are trying to extract despite ‘bad patches’ such as the 1930s. money But the period since the 1980s has been characterised by a succession of ‘booms and busts’ — and it is that that has led to ’ the erosion of trust. And those booms and busts stem MARCH 2013 | BRANDFINANCE® BANKING 500 | 21 Banking Forum 2013

SIMON PATTERSON, Pricing and service quality are managing director of executive remuneration consultants critical to customer satisfaction, and Patterson Associates transparency‘ around fees is the most Remuneration elements in FTSE- sought-after improvement globally. “100 and FTSE-250 companies are not clearly tied to performance. Pay is similar, if not higher, for those CLAIRE FULDA, head of brand innovations at BNP Paribas’, companies that lose value. This affects the ninth most valuable brand in the Banking 500, and the most trust. Lengthy remuneration reports, valuable European brand (at $14.5bn). which serve to obfuscate rather than illuminate, do little to help….. BNP Paribas is at pains to deliver value to all its stakeholders. Our mission ” “is as follows: ‘BNP Paribas is a responsible bank, which undertakes on a daily basis to combine ethics and economic performance, serve and finance its clients from the new imperative to ‘maximise and support growth.’ The four supporting pillars are economic responsibility, shareholder value’ — in other words, to employer responsibility, civic responsibility and environmental responsibility. make money. Firms pursuing multiple At the heart of all our initiatives lie four core values (for all employees) and goals were seen as ‘confused’ and four management principles (for all senior managers). These are, respectively, advised to focus on a single goal — an responsiveness, creativity, commitment and ambition; and client focus, risk- attitude that still pervades the Global aware entrepreneurship, people care, and leadership by example. These drive 1000 and Wall Street. and motivate our teams as they service clients on a day-to-day basis. But the consequences in banking were Customer satisfaction and the capacity to innovate are at the heart of our dire: ‘maximising shareholder value’ led commercial model. to ‘bad profits’ (derived from activities The US and Asia are very important for the development of technology, especially such as price gouging, gaming the mobile banking technology, so it makes sense to partner with companies there. system, toll collection, zero-sum trading Pricing and service quality are critical to customer satisfaction, and transparency and extraordinary compensation) and around fees is the most sought-after improvement globally. then ‘illegal profits’ (from fixing Libor, ” foreclosure abuses, money laundering, assisting tax evasion and deceiving steady decline since 1965. Firms are In 2009 , the legendary GE clients). dying faster and faster: life expectancy boss, pointed out the conceptual error The shareholder value theory has of the firms in the Fortune 500 has fallen in shareholder value: “Making money failed, because strategies designed to from around 75 years more than half a for the shareholders is the result, not the ‘maximise shareholder value’ have century ago to less than 15 years today. goal….Maximising shareholder value is served to reduce shareholder value in The study also found that employee the dumbest idea in the world.” the medium term. A study from Deloitte engagement is low: only one in five Maximising shareholder value shows that return on assets and return workers is fully engaged in his or her has distracted banks from their true on investment capital have been in work. social purpose of creating financial 22 | BRANDFINANCE® banking 500 | MARCH 2013 Banking Forum 2013

for a month. He repeated the exercise with the next and the next and the next priorities, and while many managerial positions disappeared in the process, the new approach meant that the firm was working 80 per cent of the time (rather than 20 per cent, as previously) on the most important things. This approach is spreading to firms including Amazon, Costco, Starbucks, Southwest Airlines and Google, and the results speak for themselves. While the value of the Standard and Poor’s ELISABETTA VASCO, 500 rose by 51 per cent over ten years, head of quality control and Apple’s stock improved by 9,000 customer care UBI Banca per cent, Amazon by 1,200 per cent, Being good and Salesforce by 950 per cent, Google by telling it is no Five years ago we launched a big 740 per cent, and so on. ‘ “customer satisfaction survey, covering So clearly, the goal for leadership in longer enough ten per cent of our customers banking has to move from ‘shareholder each year. Customers who have value, bad profits and illegal profits’, to had complaints dealt with to their ‘adding value to customers, customer- DR CEES VAN RIEL,’ satisfaction tend to give higher scores focused innovation and extraordinary professor of corporate than the average, and the bank has sustained profits’. communication at Rotterdam built on this with a special programme To do this they need to rediscover their School of Management, aimed at ‘dissatisfied’ customers. historical purpose and devote themselves Erasmus University ” totally to creating financial opportunities and reducing financial risk for an ever When it comes to building and opportunities and reducing financial risk wider circle of citizens and enterprises. “sustaining a positive reputation, ‘being for an ever wider circle of citizens and The focus of innovation must shift from good and telling it’ is no longer enough. enterprises. finding new (and even unscrupulous) According to The Guardian, in 2011 However, a revolution is underway — ways of making money for themselves, the finance industry spent £92 million even though it might not have reached to helping their customers — and the lobbying about its activities in an attempt the banks yet. Firms that are totally possibilities of technology have only just to secure favourable policy changes as customer focused do make money — begun to be exploited. part of the ‘economic war of attrition’. look at Apple. When Steve Jobs rejoined The regulators need to look to their This had little effect. the almost bankrupt company in 1997 leadership laurels too, because the The notion of ‘being good’ now he decided to test the proposition on Herculean effort to restore trust and extends to anticipating social a large scale. Most products clearly confidence through regulation has failed, developments that affect your business weren’t delighting customers and he massively increasing the costs of banking directly and indirectly, witness the sacked everyone who wasn’t sure what without making the system any safer. The respective approaches — and fortunes — they were supposed to be doing or who root cause of the 2008 meltdown was of McDonald’s and Johnson and Johnson. didn’t feel what they did added value lack of transparency, but on that front McDonald’s fast-food positioning to customers. The new focus allowed nothing has changed. Witness this quote has made it vulnerable to activism and Apple to reinvent a number of mature from a December 2012 article in the US litigation from health lobbyists around industries — music, mobile phones, magazine Atlantic, headlined ‘What’s the world, but it took six years for it computers — and create enormous value inside America’s banks’: ‘Banks today are to change its menu. It did not take in the process. bigger and more opaque than ever, and ownership of the obesity problem. By In 2006 Marc Benioff, CEO of they continue to trade in derivatives in contrast, Johnson and Johnson, who Californian business Salesforce (and many of the same ways they did before operate in the field of pharmaceuticals described by Forbes in 2011 as ‘the most the crash, but on a larger scale and with and medical equipment as well as baby valuable man on the planet’), introduced precisely the same unknown risks.’ products, so can’t take their ‘nice’ a new approach: to identify the most You have to prevent derivate trading, reputation for granted, anticipated a important thing they could do to delight not ring-fence it. Ring-fencing secret major problem in the US — a national their customers and get the best people in trading is like ring-fencing an unsafe shortage of nurses — and took full the business to work on that exclusively nuclear facility.” ownership of it. MARCH 2013 | BRANDFINANCE® BANKING 500 | 23 Banking Forum 2013

JOHN HUMPISH, strategy director at Brand Finance

Banks are missing a trick by failing to exploit customer needs that are either unmet or poorly or expensively met by competitors. For example: • Wonga makes three million loans a year at 4,200 per cent • 60 per cent of consumers have no life insurance • 75 per cent of people under 45 don’t have a will • Only two per cent of people have £50,000 in ISAs after 13 years • 28 per cent of people have no idea what their state pension will be • 12 million people are making little or no provision for retirement. JANE GRIFFITHS, marketing director EMEA What do banks provide? at • wine club membership • card protection Banks need to develop product • breakdown cover “and service ‘parity’ with leading • legal cover consumer brands, such as John Lewis • mobile phone insurance and Apple, and give people a reason • National Trust membership to choose them. Millward Brown • airline lounge passes found that 59 per cent of consumers • restaurant discounts make decisions based on brand alone, • travel insurance compared to just seven per cent who make decisions based on price alone. What do customers want? This gap has widened over the past • one per cent interest on the whole balance of a current account decade, from 43 per cent and 16 per • 2.5 per cent interest on the whole balance of a deposit account cent respectively. • a credit card with 1.5 per cent cash-back on all purchases ” • a lifetime tracker mortgage at a sustainable one per cent above base rate • meaningful discounts across a full spectrum of core utility providers They did a study, created a national • no hidden fees. database of vacancies, ran a compelling advertising campaign, and within 18 months there was no longer a shortage BRAND FINANCE VERDICT of nurses. Similarly, they set up a website Steve Denning’s opening shot summarised the challenges facing banks and explains and text helpline to help address another why consumers have so little trust in them. We all know what they can and do contribute national problem: teenage pregnancies. to society, but banks themselves seem to have lost sight of the ‘pillar of the community’ These are examples of initiatives that role they should be playing, focused as they are on ‘fleecing’ their customers. Much create alignment and engagement inside of what banks have done over recent years amounts to an abuse of their customers. and outside the organisation, and change Meanwhile other businesses have grown increasingly customer focused. No wonder society. we heard repeated calls at the forum for banks to behave more like Apple, Amazon and Johnson and Johnson’s approach is John Lewis, who have found that genuinely putting the customer first results in strong dramatically different from the dominant and sustainable profits. approach over recent years of banks (at But the evidence suggests that the banks just don’t get it. One delegate asked why least the biggest banks) seeking to benefit banks don’t open after 5 o’clock. ‘Because customers mostly come in at lunchtimes’, themselves at the expense of other came the reply. Banks will never move on while they are locked in this reactionary mode. stakeholders – primarily customers, but, Customer focus is about much more than smiling and telling people to have a good day. ultimately, shareholders too. It’s not about doing things right, but about doing the right things. Brands that do align and engage with And ‘the right things’ as far as banks are concerned include both delivering the their internal and external stakeholders products and services that customers actually want rather than those that banks think build and sustain positive reputations. they want, and behaving as responsible corporate citizens in a world where a brand’s And brands with a largely positive reputation is an increasingly important determinant of customer choice. reputation are much more resilient to Banks need to wake up and smell the coffee, because their peers in other sectors reputational crises than those with a won’t be such laggards. Apple reinvented music, mobile phones and computers, all of more negative reputation.” them mature industries. Who’s to say banking won’t be next on its agenda? 24 | BRANDFINANCE® banking 500 | MARCH 2013 Methodology How do we value brands?

Brand Finance employs a discounted cash flow technique to discount estimated future royalties at an appropriate rate to arrive at a net present value of a bank’s trademark and associated intellectual property — its brand value.

The steps in this process are: 4. Calculate the discount rate specific to Brand ratings 1. Obtain brand-specific financial and each bank, taking account of its size, These are calculated using Brand revenue data. The revenue is then geographical presence, reputation, Finance’s ßrandßeta analysis, which segmented into the following revenue gearing and brand rating (see below). benchmarks the strength, risk and streams: retail banking, commercial potential of a brand relative to its banking, wholesale/investment 5. Discount future royalty stream (explicit competitors, on a scale from AAA to D. It banking, insurance, asset management forecast and perpetuity periods) to a is conceptually similar to a credit rating. and credit cards. net present value — the brand value. The data used to calculate the ratings comes from various sources including 2. Model the market to identify market Royalty Relief approach Bloomberg annual reports and Brand demand and the position of individual Brand Finance uses a ‘relief from royalty’ Finance research. banks in the context of all other methodology that determines the value market competitors. of the brand in relation to the royalty rate Brand ratings definitions Three forecast periods are used: that would be payable for its use, were it AAA Extremely strong • Estimated financial results for 2012 owned by a third party. The royalty rate AA Very strong using Institutional Brokers Estimate is applied to future revenue to determine A Strong System (IBES) consensus forecast. an earnings stream that is attributable to BBB-B Average • A five-year forecast period (2013 to the brand. The brand earnings stream CCC-C Weak 2017) based on three sources: IBES, is then discounted back to a net present DDD-D Failing historic growth and gross domestic value. product (GDP) growth. This approach is used for three Valuation date • Perpetuity growth based on a reasons. All brand values in this report are for the combination of growth expectations 1. It is favoured by tax authorities and end of the year, 31st December 2012. (GDP and IBES). the courts because it calculates brand values by reference to documented 3. Establish the royalty rate for each third-party transactions. bank by: 2. It can be done based on publicly • calculating brand strength on a scale available financial information. of zero to 100 according to a number 3. It is compliant with the requirement of attributes, including asset strength, under the International Valuation emotional connection, market share Standards Committee (IVSC) to and profitability determine Fair Market Value of brands. • determining the royalty rate for each revenue stream mentioned in step one • calculating the future royalty income stream. MARCH 2013 | BRANDFINANCE® BANKING 500 | 25 Bespoke reports Understanding the value of your own brand

Are you interested in a detailed breakdown of how we have calculated the brand value of your company? Would you like to know where value is being generated within the business, and where you could generate more value? Brand Finance’s bespoke reports for clients provide a great insight into how to maximise the value of their brands.

What’s included? Key benefits • 2013 brand valuation result • An understanding of how brand value • Competitive comparison has been calculated in a simple and • Brand strength analysis clear format that the brand team • Brand value calculation and can digest and present to senior methodology management • Valuation schedules and key • An understanding of where value is assumptions being generated within the business • Understanding changes in brand value • Slides detailing the valuation schedule • Trademark registration review and key assumptions • Observations and recommendations • Year on year changes in brand value, • Global results and reasons • A review of brand value against competitors • Lots of great charts and tables for internal and external presentations 90% of companies that buy our reports do so on an annual basis

Get in touch To speak to someone about your brand value please contact Vinoth Jayakumar. +44 (0)20 7389 9400 [email protected] All of Brand Finance’s league tables are published on Brandirectory.com 26 | BRANDFINANCE® banking 500 | MARCH 2013 Top 500 most valuable banking brands A rand B rand rating 2012 AA AA- AA- AA- A+ AA A+ AA- AAA- A AA A AA- A+ AA- AA A+ AA- A+ AA- AA A+ AA AA- AA AA+ AA- A+ AA- AA- A+ AA A+ AA AA- AA- AA- AA- A+ AA AA- A- A+ AA- AA AA A+ AAA- AA- 1,571 rand B rand value 2012 ($m) 1,569 2,746 1,760 4,029 1,467 3,570 1,767 2,792 1,841 3,330 3,392 1,802 2,841 1,429 3,800 2,316 1,150 2,701 1,660 2,841 2,334 2,107 1,495 2,395 1,608 2,616 2,061 1,291 2,433 2,328 2,295 2,517 1,825 2,314 1,897 1,816 2,476 2,450 180 2,069 2,169 1,951 1,797 1,663 1,907 1,797 1,882 1,582 1,637 7% rand B rand value/ market C ap (%) 2013 ($m) 14% 23% 7% 13% 9% 7% 22% 24% 10% 16% 18% 16% 19% 12% 44% 19% 15% 45% 6% 8% 7% 14% 13% 14% 19% 14% 7% 33% 9% 12% 34% 19% 11% 19% 19% 8% 26% 18% 15% 13% 12% 18% 18% 26% 11% 8% 29,062 arket M arket cap 2013 ($m) 15,254 17,868 27,554 31,062 21,966 59,384 9,057 16,741 18,632 23,744 10,675 22,702 10,030 29,542 4,211 17,207 12,566 6,951 29,474 36,029 24,648 21,010 14,027 20,933 14,213 19,093 37,380 8,240 31,334 22,339 7,624 13,413 23,050 13,251 12,762 29,994 9,240 12,962 15,427 18,389 18,990 12,689 12,033 8,242 18,616 25,336 A rand B rand rating 2013 AA+ AA- AA AA AA AA+ AA- AA AAA- AA- A+ A AA- AA- AA AA AA- AA A+ AA+ AA AA- AA AA- AA AA+ AA- AA- AA- AAA- A+ AA+ AA- AA AA AA- AA A+ A+ AA AA- A+ A AA+ AA AA+ AA- AAA- AA 2,076 rand B rand value 2013 ($m) 2,061 4,185 2,004 4,135 2,003 4,108 1,966 3,946 1,900 3,702 1,884 3,700 3,520 1,873 3,476 1,855 3,439 3,225 1,849 3,151 1,844 2,977 1,820 2,937 1,817 2,832 2,758 2,737 2,730 2,689 2,665 2,626 2,609 2,556 2,499 2,478 2,397 2,395 2,381 2,373 2,357 2,343 2,309 2,303 2,273 2,196 2,131 2,121 2,116 omicile D Turkey South Korea US US Sweden Australia Germany Denmark Malaysia US UK Germany Japan France Singapore France Netherlands UK Canada France Hong Kong China India Norway US US South Korea US US Germany China US Italy US Sweden Belgium Austria China South Korea UK US Russia France Sweden Australia UK Austria Turkey Singapore China B rand Is Bank Shinhan Financial Group Shinhan Franklin Templeton Investments Templeton Franklin BNY Mellon Westpac Danske CIMB Merrill Lynch Bank of Scotland Nomura DZ Bank DZ DBS LCL Lloyds TSB Lloyds ABN AMRO National Bank of Canada National Crédit Agricole Crédit Hang Seng Hang Bank China Minsheng Bank ICICI Bank DNB Fifth Third Bank Fifth Third BB&T KB Financial Group Discover Blackrock China CITIC Bank State Street State HypoVereinsbank Ameriprise Financial Svenska Svenska KBC Erste Group Erste Shanghai Pudong Development Bank Pudong Development Shanghai Woori Financial Group Woori Halifax SunTrust Banks SunTrust VTB Bank SEB Crédit Mutuel Crédit Macquarie NatWest Raiffeisen Bank Raiffeisen Akbank UOB Industrial Bank Co. BRANDS 51-100 BANKNIG T VALUABLE R ank 2012 98 57 91 46 103 49 90 56 82 * 86 55 52 105 67 120 58 * 93 54 65 74 102 64 95 59 76 113 63 66 69 60 83 68 80 84 61 62 389 75 72 87 92 78 79 88 81 96 94 97 OP 500 MOS T R ank 2013 89 51 90 52 91 53 92 54 93 55 94 57 56 95 58 96 60 59 97 61 98 62 99 63 100 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 82 81 83 84 85 86 87 88 AA+ rand B rand rating 2012 AA+ AA+ AA- AA+ AA- AAA AA+ AA+ A+ AA+ AA+ AAA- AA AA+ A+ AAA- AA- AA+ AA- AA AA- A+ AA AA+ AA+ AA- AA+ AAA- AA+ AA AA- AA- AA+ AA AA+ AA- AAA- AA AA AA+ AA+ AA A+ AA AAA- AA AA- AA- AA- 4,687 rand B rand value 2012 ($m) 3,384 23,229 5,630 18,964 3,848 27,597 5,177 19,537 4,056 18,639 4,244 19,969 4,160 15,164 4,140 18,231 4,557 16,809 3,377 15,464 3,980 9,929 4,845 12,906 10,772 12,857 11,602 15,692 13,552 13,171 8,315 8,499 8,647 7,264 8,368 7,195 7,087 6,347 4,947 7,328 9,332 5,944 4,734 5,717 7,624 5,253 4,514 6,202 5,360 20% rand B rand value/ market C ap (%) 2013 ($m) 8% 14% 10% 25% 12% 13% 9% 21% 18% 19% 7% 25% 13% 8% 32% 29% 15% 30% 11% 8% 10% 11% 14% 35% 22% 11% 18% 19% 29% 17% 16% 14% 12% 27% 31% 16% 7% 20% 21% 12% 12% 36% 11% 11% 17% 11% 16% 30,253 arket M arket cap 2013 ($m) 72,158 182,986 59,424 94,016 45,484 180,294 57,870 105,161 29,884 112,395 71,532 80,346 39,391 242,613 15,381 66,025 32,892 61,362 44,513 208,838 44,960 152,037 31,600 41,669 65,737 131,926 75,413 70,270 46,686 73,569 73,785 76,278 88,473 36,876 32,027 51,407 105,389 38,657 35,221 63,455 60,461 20,134 66,543 62,688 39,520 61,131 40,320 AA+ rand B rand rating 2013 AA+ AA+ AA AAA- AA- AAA- AA+ AA+ AA- AA+ AA+ AAA- AA+ AA+ AA AAA- AA AAA- AA- AA AA AA- AA AAA- AA+ AA+ AA+ AAA- AA AA+ AA AAA AAA- AAA- AA+ AA AAA- AA AA AAA- AA- AA+ AA- AA+ AA+ AA+ AA+ AA AA- 5,995 rand B rand value 2013 ($m) 5,832 26,044 5,803 23,408 5,484 22,865 5,418 22,397 5,416 21,677 5,296 20,119 4,982 19,820 4,926 19,004 4,809 18,573 4,713 16,949 4,589 15,967 4,572 14,572 14,160 14,145 13,775 13,610 13,436 12,442 11,596 10,401 10,277 9,883 9,820 8,328 7,555 7,549 7,456 7,421 7,290 7,406 7,248 7,036 7,022 6,538 6,497 6,491 6,111 omicile India D Australia US China US Japan UK US US UK US Australia Spain Australia China Italy US Canada France Japan China China China US Germany Russia China US Brazil UK Brazil Japan Canada Canada Brazil Switzerland Spain US US US US Switzerland Netherlands France Canada UK Sweden US Canada Netherlands State Bank of India State B rand ANZ Wells Fargo Wells Bank of Communications Chase Sumitomo Mitsui Financial Group Sumitomo HSBC Mastercard Bank of America RBS Citi Commonwealth Bank of Australia Commonwealth Santander nab ICBC UniCredit American Express CIBC BNP Paribas Mizuho Financial Group China Construction Bank China Merchants Bank China Merchants Agricultural Bank of China Agricultural PNC Deutsche Bank Sberbank Bank of China J.P. Morgan J.P. Bradesco Barclays Barclays Itaú Bank of Tokyo-Mitsubishi UFJ Bank of Tokyo-Mitsubishi TD RBC Banco do Brasil Credit Suisse Credit BBVA Visa Morgan Stanley Morgan Capital One Goldman Sachs UBS Rabobank Société Générale Scotiabank Standard Chartered Standard Nordea U.S. Bancorp U.S. Bank of Montreal ING BRANDS 1-50 BANKNIG T VALUABLE R ank 2012 50 2 32 5 48 1 35 3* 45 6 42 4 43 11 44 7 40 8 51 10 47 18 37 14 17 15 16 9 12 13 23 21 20 26 22 27 28 29 36 19 30 25 38 31 24 34 41 33 39 * OP 500 MOS T R ank 2013 39 1 40 2 41 3 42 4 43 5 44 6 45 7 46 8 47 9 48 10 49 11 50 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 30 29 31 32 33 34 35 36 38 37 MARCH 2013 | BRANDFINANCE® BANKING 500 | 27 Top 500 most valuable banking brands A rand B rand rating 2012 A+ A+ A A+ A+ A AA AA- A+ AA- A+ A AA+ AA- A AA- AA- AA- AA- A AA- AA- A+ A A A+ AA- A+ AA+ A A+ AA A+ AA AA- AA AA- AA- A A A+ A+ A+ A+ 640 rand B rand value 2012 ($m) 563 611 477 1,141 714 597 1,084 482 830 606 833 588 642 873 600 947 694 823 737 496 594 795 686 714 708 857 814 2,291 713 703 629 627 449 657 679 498 630 669 623 1,301 612 641 562 925 12% rand B rand value/ market C ap (%) 2013 ($m) 19% 8% 18% 9% 35% 5% 24% 24% 13% 17% 4% 20% 2% 4% 2% 12% 24% 4% 15% 10% 25% 32% 6% 14% 28% 7% 8% 8% 10% 14% 9% 7% 6% 10% 5% 10% 10% 15% 14% 14% 11% 24% 12% 11% 5,584 arket M arket cap 2013 ($m) 3,436 12,323 3,657 10,357 1,784 18,507 2,463 3,817 4,666 5,459 13,909 4,454 23,915 22,774 33,646 6,890 2,403 20,465 5,434 8,018 3,180 2,471 14,009 5,745 2,831 10,651 9,760 9,815 7,233 5,344 8,537 10,679 13,133 7,740 15,028 6,944 7,000 4,733 4,847 5,065 6,141 2,742 5,689 6,105 rand B rand rating 2013 A+ AA- A+ AA- BBB AA- A AA AA AA- AA- AA A+ A AA- A A+ AA- AA- A+ A AA- AA- AA- A AA- A+ AA- A A AA+ A AA- AA A AA A+ AA- A+ AA A- AA- A+ A- A+ AA- AA- AA- A+ A+ rand B rand value 2013 ($m) 650 950 646 941 632 940 602 599 908 588 905 587 888 585 585 884 860 584 829 581 823 819 817 812 800 798 794 792 782 778 775 758 755 754 751 742 740 737 729 726 724 720 711 700 692 682 669 669 667 652 omicile D US Japan Japan US Germany Indonesia Germany Italy Italy Ireland France Kuwait Japan Germany China Switzerland Indonesia Ireland Turkey Italy Germany Thailand UK US US Italy Poland Israel US US Uae Japan Indonesia Hungary Kuwait India China Spain Chile Spain South Korea Taiwan South Korea Canada Israel UK Taiwan US South Korea India B rand Legg Mason ORIX Æon Credit Service Credit Æon Regions Financial Corporation Regions W&W Bank Rakyat Indonesia Bank Rakyat Banca CR Firenze Landesbank Berlin Monte dei Paschi di Siena dei Paschi Monte Bank Ireland Banca Nazionale del Lavoro Banca Nazionale NBK Capital Credit Saison Credit CITIC Securities Landesbank Hessen-Thüringen BCA Zürcher Kantonalbank Zürcher VakıfBank Banca Popolare dell’Emilia Romagna Banca Popolare Siam Commercial Bank Commercial Siam NORD/LB Cheltenhan & Gloucester Cheltenhan Sallie Mae LPL Financial Banco Popolare Bank Pekao Bank Hapoalim Nationstar Mortgage Nationstar KKR First Gulf Bank First Daiwa Securities Group Daiwa Bank Negara Indonesia Bank Negara OTP Bank OTP Kuwait Finance House Kuwait Axis Bank Bank of Beijing Sabadell Banco de Chile Banco Popular Español Banco Popular Chinatrust KDB Financial Group Korea Exchange Bank Exchange Korea Onex Onex Bank Leumi Investec Taishin Financial Holdings Taishin Huntington Industrial Bank of Korea Punjab National Bank Punjab National BRANDS 151-200 BANKNIG T VALUABLE R ank 2012 188 179 207 122 183 128 206 157 150 181 149 169 182 139 185 163 144 156 201 184 151 154 164 158 160 146 152 70 159 161 174 175 216 168 165 199 173 167 176 111 178 130* 189 142 170 OP 500 MOS T R ank 2013 190 151 191 152 192 153 194 193 154 195 155 196 156 198 197 158 157 199 159 200 161 160 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 181 180 182 183 184 185 186 187 188 189 AA- rand B rand rating 2012 AA A A+ AA AA+ AA+ A A+ AA- A AA+ AA A+ AA AA+ AA A+ A+ A+ AAA- AA AA- AA AA- A AA A+ AA- A+ AA- AA+ AA AA A AA AA- AA AA+ A+ AA- AA- A+ AAA- A+ AA- A AAA- 1,010 rand B rand value 2012 ($m) 859 1,097 927 1,366 1,028 2,165 796 551 999 1,561 1,150 1,425 841 1,808 1,206 1,536 608 1,987 916 1,434 1,038 1,566 953 1,002 931 1,796 1,362 1,221 1,158 1,093 1,264 1,405 1,037 685 1,293 937 1,018 1,244 1,127 1,034 1,317 1,093 1,076 999 1,138 856 1,257 rand B rand value/ market C ap (%) 2013 ($m) 8% 13% 25% 6% 14% 14% 25% 16% 7% 8% 8% 24% 6% 9% 9% 9% 6% 29% 13% 7% 23% 7% 7% 10% 35% 11% 17% 12% 18% 13% 5% 7% 14% 6% 9% 22% 4% 4% 14% 20% 10% 35% 9% 24% 8% 8% 6% 10% arket M arket cap 2013 ($m) 12,718 13,146 4,321 27,433 7,769 12,251 4,115 10,870 15,609 19,920 12,419 6,997 17,073 19,203 10,918 16,967 15,490 5,394 7,792 22,305 4,312 22,050 14,445 15,217 4,321 13,796 8,348 11,994 7,547 10,340 25,850 17,968 8,982 19,648 14,631 5,499 29,166 26,695 8,253 5,890 11,355 3,295 12,450 4,565 13,171 14,735 17,040 10,745 rand B rand rating 2013 AA A- AA- AA AA+ AA+ A A AA- A AA AA+ AA- AA+ AA- AA+ AA A A+ AAA- AA+ AA- AA A+ AA- AA+ AA AA- AA AA AA AA AA- AA+ AA- AA- AA AA AA- AA- AA- A+ A A AAA- AA- AA- A AA AA rand B rand value 2013 ($m) 1,063 1,757 1,060 1,719 1,053 1,705 1,041 1,696 1,035 1,665 1,034 1,657 1,033 1,651 988 1,603 985 1,583 976 1,579 971 1,558 971 1,549 1,514 1,502 1,491 1,446 1,408 1,346 1,312 1,307 1,297 1,293 1,247 1,246 1,235 1,228 1,192 1,189 1,168 1,162 1,150 1,141 1,139 1,118 1,117 1,109 1,073 1,065 omicile D Turkey China Italy Singapore Switzerland South Africa South Korea Russia Thailand China US Italy US US Uae Australia Mexico France Japan Turkey Uae Malaysia Colombia Spain France Canada South Africa South Korea US UK South Africa Qatar US US Indonesia Poland US India Saudi Arabia Saudi US Italy Germany China France South Africa Italy Turkey Japan Malaysia US B rand Halkbank Shenzhen Development Bank Development Shenzhen UBI Banca OCBC Bank Julius Bär Standard Bank Standard Samsung Card Bank of Moscow Kasikornbank China Everbright Bank China Everbright Northern Trust T. Rowe Price Rowe T. Charles Schwab National Bank of Abu Dhabi National St.George Banorte Crédit Industriel et Commercial Crédit Resona Bank Garanti Emirates NBD Emirates Maybank Grupo Bancolombia CaixaBank Crédit du Nord Crédit ABSA Desjardins Hana Financial Group Financial Group Hana Invesco Scottish Widows Nedbank QNB Blackstone Banamex Bank Mandiri PKO Bank Polski PKO Raymond James Raymond HDFC Bank HDFC Al-Rajhi Bank KeyBank Banca IMI DekaBank Hua Xia Bank Eurazeo First National Bank National First Yapi Kredi Kredi Yapi Chuo Mitsui Public Bank M&T Bank M&T BRANDS 101-150 BANKNIG T VALUABLE R ank 2012 145 125 171* 108 133 73 153 190 137 100 121 106 148 85 118 101 180 77 143 104 131 99 138 135 141 89 109 117 119 126 114 107 71* * 112 140 * 116 124 132 110 127 129 136 123 147 115 134 OP 500 MOS T R ank 2013 139 101 140 102 141 103 142 104 143 105 144 106 145 107 146 108 147 109 148 110 149 111 150 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 28 | BRANDFINANCE® banking 500 | MARCH 2013 Top 500 most valuable banking brands rand B rand rating 2012 A A A+ AA- A AA- A+ A+ A+ AA- A A+ A A A+ A+ AA- AA AA- A+ A+ A A AA- A+ A+ AA- AA- A A+ A A A AA- AA- AA- A AA A AA- A+ rand B rand value 2012 ($m) 326 339 393 319 328 409 389 357 372 422 257 289 343 259 260 349 315 460 622 362 566 400 286 318 387 321 477 400 157 462 423 279 217 308 282 284 161 333 239 411 335 rand B rand value/ market C ap (%) 2013 ($m) 32% 8% 8% 20% 7% 19% 8% 5% 4% 6% 32% 20% 6% 15% 8% 10% 32% 9% 25% 17% 8% 22% 6% 14% 6% 15% 21% 9% 17% 7% 39% 5% 7% 5% 9% 47% 11% 2% 4% 22% 7% 6% 11% 8% 16% 14% 6% 17% arket M arket cap 2013 ($m) 1,032 5,399 4,328 2,047 4,886 2,141 4,226 7,463 7,972 6,448 1,012 1,975 5,105 2,654 4,242 3,793 992 4,044 1,251 2,294 3,728 1,740 6,195 2,629 6,539 2,476 1,782 3,975 2,082 5,583 920 7,938 4,882 7,183 3,838 747 3,205 15,819 8,681 1,596 4,760 6,146 3,069 4,116 2,073 2,484 5,903 2,011 rand B rand rating 2013 AA A+ A A+ AA- AA AA- AA- A+ A+ AA AA A+ AA- AA+ A+ A AA A+ AA- AA- AA- AA- A+ AA A+ AA- A+ AA- AA AA- AA A+ A A+ AA- AA- AA- A A A+ AA A AA- AA- A AA- AA- A+ AA- rand B rand value 2013 ($m) 333 413 331 407 330 407 330 406 326 404 326 396 325 394 322 384 320 319 382 316 381 316 381 379 379 377 370 369 366 363 363 363 360 357 356 355 355 354 352 350 349 347 347 346 344 340 339 339 339 334 omicile D France China Poland Denmark Finland South Africa India Chile Saudi Arabia Saudi Japan France Portugal Turkey Spain Australia India US France South Korea Canada France Australia US Japan US Canada UK US Hong Kong UK South Africa France Czech China Saudi Arabia Saudi US France UK China China France Australia Spain Australia US Norway US South Africa Saudi Arabia Saudi Switzerland B rand Chongqing Rural Chongqing BRE Bank Jyske Pohjola Bank Pohjola African Bank African Canara Bank Canara Banco De Credito E Inversiones Banco De Credito SABB Bank of Yokohama EUROFACTOR Banco Comercial Português Banco Comercial Finansbank BT Financial Group BT Bank of India Finaref Marshall & Ilsley Marshall Samsung Securities Laurentian Bank Laurentian Bank of the West Suncorp First Citizens First Shizuoka Bank Shizuoka E*TRADE Investors Group Investors Man Group Man Stifel Financial Stifel Guoco Group Close Brothers Group Close Brothers Wesbank CLSA Komerční banka Komerční Bank of Ningbo Banque Saudi Fransi Banque Saudi BOK Financial Corporation Coface ICAP Haitong SecuritiesHaitong Huatai SecuritiesHuatai Paris Orleans Paris Bank of New Zealand Bank of New Caixa Catalunya Caixa ASB Bank ASB Waddell & Reed Waddell SpareBank 1 SR-Bank SpareBank TCF Capitec Bank Capitec Arab National Bank National Arab Vontobel EFL BRANDS 251-300 BANKNIG T VALUABLE R ank 2012 260 254 236 264 259 229 241 247 244 221 276 252 296 292 290 250 267 214 177 245 187 233 277 265 242 263 208 232 438 213 219 284 270 338 281 279 427 257 312 227 256 OP 500 MOS T R ank 2013 251 290 252 291 253 292 254 293 255 294 256 295 257 296 258 298 297 259 299 260 300 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 281 280 282 283 284 285 286 287 288 289 rand B rand rating 2012 A+ AA- A+ A A+ A AA- A+ A A+ A+ AA AA- A+ A+ AA- AA- A+ A+ A AA- A+ AA- AA- A+ A+ AA A AA- AA AA- A+ A AA- A+ AA- AA+ A+ A+ AA- A+ A+ A+ A+ A- A+ rand B rand value 2012 ($m) 404 544 484 258 411 394 476 347 202 572 470 675 354 533 511 471 436 392 486 412 740 497 355 506 488 393 524 421 544 633 422 548 486 454 390 420 475 393 410 323 242 513 383 441 233 332 6% rand B rand value/ market C ap (%) 2013 ($m) 5% 10% 8% 19% 5% 7% 15% 9% 13% 9% 36% 9% 6% 4% 8% 9% 23% 10% 5% 21% 12% 2% 9% 27% 18% 23% 9% 6% 6% 7% 13% 9% 4% 9% 11% 7% 9% 9% 13% 2% 10% 22% 6% 32% 23% 7,990 arket M arket cap 2013 ($m) 9,298 6,038 5,603 3,018 8,773 8,775 2,938 6,466 3,268 6,215 1,201 6,350 7,361 13,896 5,009 6,619 1,800 5,798 10,822 2,716 4,784 23,413 6,558 2,032 3,018 2,373 6,083 9,538 9,198 7,418 4,134 5,468 12,324 5,772 4,476 7,681 5,660 5,299 3,807 20,323 4,829 2,145 7,853 1,423 2,003 A- rand B rand rating 2013 A+ AA- A AA- AA+ AA A+ A+ AA- A+ AA A+ AA- AA- A AA- AA AA A+ A+ A+ AA- A+ A+ A+ AA- AA AA AA+ A+ AA A+ AA- AA- A+ A+ AA- AA- AA+ AA- AA- A+ AA- A+ A+ AA- AA A A+ 453 rand B rand value 2013 ($m) 451 581 446 580 577 445 575 442 575 440 439 574 430 572 428 425 571 419 569 417 568 568 568 564 562 560 555 553 551 543 535 529 529 519 515 514 508 505 501 501 499 498 486 483 481 477 463 459 457 omicile US D Thailand US Russia Portugal UK India Colombia Brazil Australia UK Spain India Greece Malaysia Denmark Hong Kong Brazil Portugal Thailand Israel Japan Saudi Arabia Saudi Italy Malaysia India Malaysia Germany UK UK Colombia Australia Saudi Arabia Saudi Australia Bermuda Italy Thailand Indonesia Switzerland UK Poland Brazil Japan US Mexico Uae Italy US Luxembourg Italy The Carlyle Group B rand Krung Thai Bank Comerica Rosbank Caixa Geral de Depósitos Geral Caixa Citizens Kotak Mahindra Bank Mahindra Kotak Banco de Bogotá Banrisul MLC MLC Virgin Money Virgin Banesto Bank Of Baroda National RHB Bank Nykredit Asia Bank of East BTG Pactual BTG Banco Espírito Santo Banco Espírito Bank of Ayudhya Israel Discount Bank Israel Shinsei Bank Samba Financial Group CR del Veneto Hong Leong Financial Hong Leong HDFC AmBank Eurohypo Charter One Ulster Bank Ulster Davivienda Colonial First State Colonial First Riyad Bank Riyad Bankwest Lazard Mediobanca Bangkok Bank Bangkok Bank Danamon BCV Schroders Bank Zachodni WBK Bank Zachodni Chiba Bank Redecard Jefferies Inbursa Abu Dhabi Commercial Bank Abu Dhabi Commercial Banco di Napoli CIT Espirito Santo Financial Group Santo Espirito Banca Popolare di Milano Banca Popolare BRANDS 201-250 BANKNIG T VALUABLE R ank 2012 230 192 294 205 226 234 209 251 186 356 212 166 249 197 194 211 218 239 204 225 155 200 248 198 202 237 195 222 193 172 220 191 203 215 240 223 210 235 228 261 306 196 243 217 321 258 OP 500 MOS R ank 2013 T 240 201 241 202 203 242 204 243 205 244 245 206 246 207 247 248 208 249 209 250 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 MARCH 2013 | BRANDFINANCE® BANKING 500 | 29 Top 500 most valuable banking brands A rand B rand rating 2012 A A+ A A A+ A+ AA- AA- A+ A A+ A+ A A A+ A+ AA- A+ A A+ AA AA A+ AA- A+ A A A- A+ A+ AA- AA- A+ A+ A AA- A- A+ A A AA- AA- A+ 225 rand B rand value 2012 ($m) 109 201 183 362 218 176 163 392 183 135 306 173 159 184 221 256 197 218 303 227 195 252 241 194 225 185 226 170 182 249 203 155 195 245 233 179 167 311 191 168 197 293 239 10% rand B rand value/ market C ap (%) 2013 ($m) 8% 8% 3% 6% 8% 3% 10% 51% 20% 5% 90% 9% 7% 6% 12% 10% 22% 8% 5% 6% 10% 13% 7% 38% 8% 14% 6% 5% 16% 8% 8% 16% 17% 8% 24% 11% 4% 5% 22% 8% 3% 6% 7% 13% 8% 7% 2,241 arket M arket cap 2013 ($m) 2,575 3,210 7,092 3,972 2,773 7,701 2,111 481 1,064 5,417 237 2,796 3,219 3,790 1,835 2,493 945 2,913 4,681 4,068 2,377 1,787 3,372 631 3,094 1,701 4,006 4,331 1,478 2,786 3,092 1,481 1,335 2,771 959 1,978 5,862 4,682 1,001 2,912 6,905 3,841 3,091 1,698 2,701 2,907 A+ rand B rand rating 2013 A+ A+ A+ A+ A A AA- A+ A+ AA- AA- A+ A A A+ AA- A A AA- A+ AA A+ A+ A+ AA AA- A+ AA A A+ A A A AA- AA- A+ A+ A+ AA- A AA- A A A+ A+ A+ AA A+ A 218 rand B rand value 2013 ($m) 217 251 216 250 215 248 215 247 214 214 245 213 245 213 243 213 243 212 242 212 242 241 240 238 238 237 237 235 235 235 234 233 232 228 228 226 226 226 225 224 223 224 222 221 221 220 219 218 218 omicile D Turkey Japan Canada US India China Switzerland Greece Taiwan Greece Jordan US US Indonesia US US Russia Togo US Qatar Australia Japan Switzerland US Cyprus Oman Uae Australia China Italy Japan Japan Argentina Italy US Uae Argentina Japan US US Switzerland Spain Indonesia Morocco Japan Japan US India Qatar US B rand TEB Suruga Bank Suruga CI Financial American Capital Union Bank of India China Merchants Securities China Merchants St.Galler Kantonalbank St.Galler Eurobank Taiwan Cooperative Bank Cooperative Taiwan Arab Bank Arab Oppenheimer Holdings Hancock Bank BTPN Eaton Vance Eaton Webster Nomos-Bank Ecobank First Niagara Bank Niagara First Commercialbank Clydesdale Bank Clydesdale Gunma Bank Sarasin Commerce Bank Commerce BankMuscat RAKBANK Yorkshire Bank Yorkshire Bank of Nanjing Banca Carige The Bank of Fukuoka Orico Banco Macro Banca Fideuram City National Bank City National Banco Galicia Nishi-Nippon City Bank New York Community Bancorp York New Ocwen Neue Aargauer Bank Neue Aargauer Ibercaja Sinar Mas Multiartha Mas Sinar Attijariwafa Bank Attijariwafa Joyo Bank Joyo Seven Bank Seven Janus Capital Group Janus IDBI Bank Doha Bank Federated Investors Federated BRANDS 351-400 BANKNIG T VALUABLE R ank 2012 358 383 246 396 423 337 238 385 478 271 402 433 381 330 297 364 335 272 322 368 300 308 370 326 380 323 409 387 353 443 302 369 305 390 320 417 269 372 413 363 274 313 325 OP 500 MOS T R ank 2013 390 351 391 352 392 353 393 354 395 394 355 396 356 397 357 398 358 399 359 400 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 376 375 377 378 379 381 380 382 383 384 385 386 387 388 389 A rand B rand rating 2012 A AA+ AA- A A A+ A A AA- A A+ A+ A+ A+ AA- A+ A+ A AA- A- A+ A+ AA A AA- AA- A A AA- A A A A+ A- AA- A A+ A A+ A- A AA- A A A 247 rand B rand value 2012 ($m) 210 289 200 152 215 162 220 403 280 260 262 199 274 204 253 220 316 131 215 179 257 203 238 215 322 236 220 146 238 196 314 123 278 211 294 249 159 279 192 226 204 339 254 239 282 13% rand B rand value/ market C ap (%) 2013 ($m) 18% 26% 17% 32% 6% 8% 21% 38% 2% 23% 11% 12% 18% 7% 24% 4% 8% 12% 6% 15% 36% 12% 9% 4% 6% 13% 5% 51% 17% 12% 12% 38% 18% 9% 12% 18% 4% 4% 10% 17% 4% 10% 9% 14% 39% 32% 2,028 arket M arket cap 2013 ($m) 1,460 1,203 1,512 971 4,412 4,105 1,227 818 14,524 1,339 2,450 2,526 1,432 4,484 1,077 8,514 3,228 2,486 4,030 2,021 694 2,387 3,283 6,527 4,615 2,130 5,259 558 1,635 2,266 2,242 735 1,524 3,092 2,364 1,507 7,299 7,663 2,642 1,602 6,169 2,636 2,941 1,839 673 818 rand B rand rating 2013 A+ AAA- AA AA A+ A AA A+ A A+ AA- A AA- A+ AA- AA- A+ AA- A+ AA A+ A+ A AA A+ A+ A+ A+ A+ AA- AA- A A A+ A+ A A+ A+ A+ A A AA- A A+ AA- A A A AA A+ rand B rand value 2013 ($m) 263 316 262 313 262 312 262 308 261 305 258 305 255 301 254 300 254 295 252 295 252 292 292 289 287 286 286 284 281 279 277 276 276 276 275 275 274 271 271 270 271 269 267 267 266 266 266 265 263 263 omicile D Switzerland UK Japan France US US Germany Brazil China Denmark Ireland South Korea US Turkey Italy Philippines Japan US Chile US US Israel Venezuela Philippines Japan Uae Philippines US US Puerto Rico Australia US Indonesia UK South Korea US UK Peru Vietnam Thailand Japan Switzerland Germany Japan Kazakhstan Italy Italy US France Uae B rand EFG International EFG Coutts Union Bank Sofinco First Republic Bank Republic First Och-Ziff Capital Management Capital Och-Ziff Aareal Bank Aareal Banco do Nordeste GF Securities Sydbank Henderson BS Financial Group Nelnet DenizBank Pravex-Bank Bank of the Philippine Islands Bank of Kyoto First Horizon National Corporation National Horizon First Banco CorpBanca Synovus NFP Bank Mizrahi-Tfahot Mercantil BDO Acom Acom Dubai Islamic Bank Metrobank BGC Partners FirstMerit Corporation FirstMerit Popular Bendigo Bank Bendigo Knight Capital Group Panin Bank Panin Provident Financial Provident Korea Investment Holdings Investment Korea Fannie Mae Fannie Aberdeen Asset Management Aberdeen Banco de Crédito del Perú Banco de Crédito VietinBank Thanachart Capital Cedyna Partners Group Partners Sparkasse KölnBonn Sparkasse Saitama Resona Bank Halyk Bank Halyk Credito Credito GM Financial Banque de Gestion Privée Indosuez Banque de Gestion Privée Abu Dhabi Islamic Bank BRANDS 301-350 BANKNIG T VALUABLE R ank 2012 348 275 359 452 343 425 333 231 282 291 289 361 286 352 299 332 266 483 341 391 295 355 315 342 262 317 334 462 314 365 268 492 285 347 273 434 283 301 371 324 351 255 298 311 280 304 OP 500 MOS R ank 2013 T 340 301 341 302 342 303 343 304 344 305 345 306 346 307 347 308 348 309 349 310 350 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 330 329 331 332 333 334 335 336 337 338 339 30 | BRANDFINANCE® banking 500 | MARCH 2013 Top 500 most valuable banking brands A rand B rand rating 2012 AA- A A A- A A A+ A A A AA- A A A+ A+ A A+ A A- A A A- AA- A+ A+ A AA- A+ A A+ A A AA- AA- A A A+ A+ 198 rand B rand value 2012 ($m) 149 205 148 130 136 174 147 123 188 153 173 184 134 121 241 141 240 121 285 218 155 145 167 126 160 113 142 213 127 155 132 155 141 156 161 136 155 125 8% rand B rand value/ market C ap (%) 2013 ($m) 7% 10% 9% 15% 5% 12% 14% 4% 11% 35% 9% 23% 4% 3% 10% 23% 3% 34% 5% 22% 9% 3% 3% 5% 43% 10% 9% 24% 6% 32% 6% 12% 6% 14% 11% 4% 7% 10% 4% 12% 11% 10% 7% 8% 13% 7% 8% 1,762 arket M arket cap 2013 ($m) 1,970 1,668 1,706 1,189 3,085 1,490 1,047 3,967 1,283 490 1,577 735 3,991 5,069 1,484 744 5,199 493 2,643 774 1,819 5,219 4,933 3,080 386 1,677 1,761 663 2,571 491 2,580 1,289 2,622 1,132 1,419 4,338 2,110 1,568 4,262 1,307 1,399 1,553 2,059 1,872 1,157 2,114 1,807 A rand B rand rating 2013 AA- A A A A+ A A A+ A+ A A+ A A+ AA- A A A+ A A+ AA- A+ A A+ A A+ A+ A- A A+ A- A+ AA A+ A+ A+ AA- AA A A A+ AA- A A+ A+ AA A A+ A+ AA- 147 rand B rand value 2013 ($m) 147 173 146 173 146 173 145 172 145 171 144 169 144 169 168 144 168 168 143 168 143 167 166 166 166 166 165 163 161 159 159 158 157 156 155 154 154 153 153 153 152 150 150 150 149 149 149 147 147 omicile Romania D US India US Japan India India Slovakia Nigeria US South Korea Taiwan Bahrain Taiwan Spain India Hong Kong Germany Germany Japan France Taiwan Netherlands US Saudi Arabia Saudi Qatar Japan Netherlands India Australia Germany US France Japan US Japan Turkey US US Canada UK UK Japan US US US India Japan UK Portugal BRD B rand Valley National Bank National Valley Allahabad Bank Allahabad Whitney Bank Whitney Ogaki Kyoritsu Bank Kyoritsu Ogaki Shriram Syndicate Bank Syndicate VÚB banka Zenith Bank Zenith Old National Bank Old National TongYang Securities TongYang KGI Al Baraka Chang Hwa Bank Chang Hwa Power Finance Corporation Power Banco Pastor Sun Hung Kai Co Sun MLP Hypo Estate Real Aozora Bank Aozora Boursorama E.Sun Financial E.Sun Van Lanschot Van UMB Alinma Bank Qatar Islamic Bank Qatar Chugoku Bank Chugoku SNS Reaal Indian Bank IOOF Oldenburgische Landesbank Oldenburgische East West Bank West East CACEIS Iyo Bank Iyo Evercore Partners Evercore Hitachi Capital Hitachi Bank Asya Zions Bancorporation People’s United Bank United People’s Home Capital Group International Personal Finance Personal International Ashmore Juroku Bank Juroku Wintrust Trustmark Fulton Financial Fulton Oriental Bank of Commerce Hokuriku Bank Hokuriku ICG BPI BRANDS 451-500 BANKNIG T VALUABLE 362 R ank 2012 455 350 457 484 476 401 460 494 448 403 382 374 479 498 309 466 310 495 278 336 445 463 418 489 431 465 345 486 446 481 442 467 440 428 474 447 491 OP 500 MOS T R ank 2013 491 451 492 452 493 453 494 454 495 455 496 456 497 458 457 498 460 459 499 461 500 462 463 464 465 466 467 468 469 470 471 472 473 474 475 476 477 478 479 480 481 482 483 484 485 486 487 488 489 490 A rand B rand rating 2012 A A+ A+ A+ A- A- A A+ A A- A- A+ A- A A A A+ A+ A+ A+ A A A+ A+ AA A+ AA AA AA A A+ AA A AA- AA- A+ A AA- A+ A A AA- A AA- 0 172 rand B rand value 2012 ($m) 160 175 247 182 153 174 177 168 221 148 186 168 164 187 149 190 138 179 221 215 235 201 203 170 169 139 186 242 175 270 199 166 187 171 161 162 120 258 165 138 152 179 340 168 0 13% rand B rand value/ market C ap (%) 2013 ($m) 8% 56% 5% 9% 10% 9% 8% 6% 51% 9% 13% 20% 19% 12% 18% 8% 15% 7% 16% 22% 7% 15% 6% 4% 36% 8% 6% 7% 11% 26% 14% 10% 8% 8% 9% 30% 3% 7% 45% 13% 6% 12% 32% 26% 5% 13% 18% 1,353 arket M arket cap 2013 ($m) 2,201 375 3,339 2,319 1,865 2,341 2,367 3,645 350 2,409 1,423 1,014 966 1,724 1,008 2,676 1,223 3,103 1,114 910 2,555 1,387 3,528 4,733 556 2,626 3,410 2,900 1,744 752 1,395 1,883 2,443 2,405 2,066 653 7,695 2,634 420 1,468 3,140 1,493 573 703 3,462 1,456 1,012 A rand B rand rating 2013 AA- AA- AA- A+ A+ A+ A+ A+ A A A AA- A A+ A+ A A+ AA- A A+ A A+ A+ A A+ AA AA- AA- A+ AA A+ A AA A AA A A AA- A+ A+ A+ A+ AA- A AA A AA- A A rand B rand value 2013 ($m) 181 211 181 211 180 211 180 209 209 179 207 179 206 179 205 205 179 203 178 203 175 203 173 202 201 201 200 200 199 199 198 198 197 196 196 195 195 195 195 191 187 186 186 185 185 185 183 182 182 181 omicile D US US Switzerland Canada Italy Russia US Japan Canada Switzerland US US Japan US Poland Italy South Africa South Africa India Switzerland Poland UK Switzerland Brazil Nigeria Nigeria France US Bahrain Kuwait Switzerland Kazakhstan US South Korea Australia Russia Uae France China Japan Russia South Korea Hong Kong Germany France Canada US Israel Japan India B rand Wilmington Trust Wilmington GFI Group Basler Kantonalbank Canadian Western Bank Western Canadian Banca Popolare di Sondrio Banca Popolare Bank Uralsib Associated Bank Associated Sapporo Bank Sapporo Investments Mackenzie Tradition Fortress BancorpSouth Jaccs World Acceptance World Millennium Banca Popolare di Vicenza Banca Popolare Ellerines Rand Merchant Bank Rand Merchant Central Bank of India Central Luzerner Kantonalbank Luzerner Bank BPH Tullett Prebon Tullett BEKB | BCBE PanAmericano First Bank of Nigeria First Bank Trust Guaranty Cetelem SVB Ahli United Bank Ahli United Burgan Bank Burgan Banque Privée Edmond de Rothschild Edmond Banque Privée Kazkommertsbank Umpqua Holdings DGB Financial Group Bank Of Queensland TransCreditBank Union National Bank Union National Newedge Everbright Securities Everbright Hachijuni Bank Hachijuni Bank Vozrozhdenie Hyundai Securities Wing Hang Bank Wing Hang Comdirect Bank Comdirect Amundi Canaccord Financial Canaccord Cullen/Frost Bankers Cullen/Frost FIBI Kansai Urban Ban Indian Overseas Bank Indian Overseas BRANDS 401-340 BANKNIG T VALUABLE R ank 2012 430 398 303 386 450 399 416 394 331 456 378 414 377 454 373 421 470 392 329 344 318 357 354 410 411 468 379 307 397 288 360 419 376 408 429 424 500 293 420 469 451 393 253 415 407 OP 500 MOS R ank 2013 T 440 401 441 402 442 403 443 404 405 444 406 445 407 446 409 408 447 410 448 411 449 412 450 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 Contact Details Brand Finance is the leading brand valuation and strategy firm, helping companies to measure, manage and maximise the value of their brands for improved business results. 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