The Banker/Brand Finance’s Top 500 Banking Brands ranking has seen another year of global brand value expansion. The aggregate value in the 2023 edition has increased for a second year in a row, to reach the highest-ever total of $1.41tn. However, it is a much smaller rise of 2.4%, compared to the 8.7% increase in 2022.
One of the main contributors to this lacklustre result is China’s 3.5% contraction in aggregate brand value, to $423.4bn. While the heady days of double-digit growth are well behind it, this is the first time that China has failed to register an increase since it overtook the US as the global brand powerhouse in 2017. Of the 52 Chinese banks in the ranking (one more than last year), a little over half (56%) saw an increase in brand value.
