Chinese banks global leaders by assets and brand value
February 6, 2017 Category Finance, Weekly
Chinese banks are now global leaders not just by asset base but also by brand value, according to the latest Brand Finance Banking 500 report, which says the combined value of Chinese banks has surpassed that of U.S. banks for the first time. Industrial and Commercial Bank of China (ICBC) is the world’s most valuable bank, with a brand value of USD47.8 billion, representing a 32% year-on-year growth. The report also said Chinese banks have an aggregate total brand value of USD258 billion, accounting for 24% of the total brand value of the top 500 global banks, compared with 23% for U.S. banks. Zhou Jingtong, Professor at the Bank of China’s Institute of International Finance, said: “The brand value growth of Chinese banks is closely related to the continuous rise of China’s contribution to the global economy. During the process, the Chinese banking sector maintained steady development in various aspects, including asset growth, asset quality, provision coverage ratio and capital adequacy ratio.” The internationalization of Chinese banks, particularly in recent years, also contributed to the growth of their brand value. China Construction Bank (CCB) registered rapid brand value growth of 17%, and Bank of China (BOC) 13%. Harbin Bank’s brand tripled in value in 2016 to USD811 million, representing the fastest-growing bank by brand value last year. The success of Chinese banks came at the expense of U.S. banks, such as Wells Fargo, which once topped the list, the China Daily reports.
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