Bank of America was named the most valuable banking brand in the world, according to the fifth edition of BrandFinance(R) Global Banking 500, a company that indexes the top banking brands in the world.
Bank of America was able to increase its overall brand value by 15% to $30.6 billion according to the report, which measures both the brand strength and brand value of 500 banks as of Dec. 31. The report also showed that Bank of America led global brand rankings in the wholesale banking and mortgage categories.
The bank was able to boost its brand strength by supporting new consumer protection legislation, modifying more than 285,000 loans, pursuing philanthropic initiatives and through its merger with Merrill Lynch, according to the report.
“Our vision is to be recognized as the finest financial services firm in the world” said the bank’s Global Strategy and Marketing officer Anne Finucane in a statement issued by the bank. “In today’s new reality, that goes well beyond quarterly earnings or a marketing budget — it’s about being resilient and focused on the issues that matter most to customers, and communities, and that truly drive the domestic and global economies forward.”
The report, which ranked hundreds of banks around the world, showed a total increase in brand value for 500 banks to be US$139 billion, with 78% of the total gain in brand value coming from the top 100 brands. The report also showed that the U.S. banking industry is well on its way to a recovery, with 90 U.S. banks making the list in 2011 in comparison to 85 banks in 2010. Here’s a snapshot of the list’s top ten banks and their brand values:
|2011||2010||Bank, Country||Brand Value (billions)|
|1||2||Bank of America, USA||30,619|
|2||4||Wells Fargo, USA||28,944|
|10||13||China Construction Bank, China||17,092|
Other U.S. financial institutions to make the list include American Express (13), Goldman Sachs (16), JPMorgan (18) and Visa (32).