Equity Group has been ranked the second-strongest banking brand globally in the 2024 Brand Finance’s Brand Strength and Brand Value rankings.
The East and Central Africa’s largest financial institution made its third consecutive appearance in the Brand Finance Banking 500 rankings, climbing from 4th position in 2023 to 2nd position in 2024.
The lender recorded a Brand Strength Index score of 92.5 out of 100 and an elite AAA+ brand strength rating. This marks a 0.1-point BSI improvement on its 2023 ranking.
Equity also saw its brand value rise by USD 22 million from USD 428 million last year to USD 450 million (Sh64 billion), earning it the tenth position as the most valuable banking brand in Africa.
Speaking on the ranking, Equity Group Managing Director and CEO Dr. James Mwangi noted that the bank’s governance structures, practices, and core values continue to be the foundation on which the brand is sustainably evolving, building, and developing.
”The ranking as the 2nd strongest banking brand globally is a testament that our purpose of transforming lives, giving dignity, and expanding opportunities for wealth creation is continuing to prove to be relevant to our customers, industry and stakeholders. It is a reminder of the aspirations we have committed ourselves to achieving,’’ said Mwangi.
”As we continue to anchor our business on our purpose and support the day-to-day lives of our customers, it fuels our commitment to innovation and excellence, driving us to redefine standards and pioneer transformative solutions in the financial industry,” he added.
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Every year, the brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test and ranks them across all sectors and countries.
Brand Finance defines brand value as the net economic benefit that a brand owner would achieve by licensing the brand in the open market.
This is, however, different from the valuation of a company’s assets. They also define brand strength as the efficacy of a brand’s performance on intangible measures relative to its competitors.
2023 saw improvements in performance across Equity’s subsidiaries, with Equity BCDC, Equity Bank Rwanda, and Equity Bank Tanzania making strong strides.
The Group remains committed to South Sudan, as seen in its offering of new lending products while bolstering the Uganda entity, which has gained strong traction in market share and significance.
