DID YOU KNOW: Chinese Bank Brands Have More Global Value Than U.S.

Just because a company generate billions, does not mean it rules the world. In fact, the popularity of a brand determines how valuable the corporation is among consumers and the general population. Globally, this is evident with American banks. Wells Fargo is the most valuable banking brand in the U.S., however, it does not claim top spot on a global level.

China, on the other hand, is claiming global dominance.

Citi, BoA and Chase, America’s 2nd, 3rd and 4th most valuable bank brands have been overtaken by both ICBC and China Construction Bank. When the world’s bank brands are ranked by the brand value they have added this year, six of the top ten are Chinese, including five of the top six. China Construction Bank has added nearly $7.5 billion. Though Chinese banks have a long way to go before making an impact domestically, they are clearly disrupting western hegemony in international banking.

Brand Finance’s North American Managing Director, Edgar Baum comments that “the international push of the banking sector is no longer coming from American banks. Rather it is aggressive Asian banks, led by the largest Chinese banks as well as select Canadian and European banks that are expanding their footprints and exploring what it means to be international. The value generated is reflected in the sustained growth of these institutions over the past several years. This may also be due to the fact that the American banking landscape, for the most part, is still very fragmented with opportunities for consolidation as banks are increasingly under pressure to have a 24 hours presence through online and mobile banking expectations.”

Source: Brand Finance