The ANZ Bank has added more than $100 million to its brand value over 12 months to become Australia’s most valuable bank brand, according to a global study.
The Brand Finance Banking 500 is an annual study conducted by Brand Valuation agency Brand Finance.
Almost all Australian banks increased their brand value over the last year to January 1, 2014.
Australia’s top bank brand, ANZ, added US$93 million ($106 million) to its value, resulting in a total brand value of more than US$5.9 billion ($6.8 billion) and a rank of 39th in the world.
Brand Finance says this is unsurprising given the financial success of the past year and the excellent marketing and sponsorship activities ANZ has undertaken.
The ANZ last year reported its fourth record annual profit in a row with an 11 per cent increase to $6.3 billion.
Westpac also had a successful year. It has grown its brand value by 19 per cent, a rise of US$793 million ($905 million), bringing its total to US$4.9 billion ($5.6 billion).
The fastest gains have been made by the smaller bank brands.
BT Financial Group has grown 94 per cent to a total brand value of over half a billion US dollars. This means it places 203rd globally, having jumped 93 places up the global rankings.
Suncorp is up 28 per cent while Bankwest has also seen an increase of more than 20 per cent. Bankwest has also improved its brand rating from AA- to AA.
The brand rating is a benchmark of the strength, risk and potential of a brand, suggesting that Bankwest is poised for further improvements next year.
Globally, Wells Fargo held its position as the world’s most valuable banking brand at more than US$30 billion.
HSBC’s brand value has grown by US$4 billion, while UBS’ is up US$3.35 billion, a 46 per cent increase.
Meanwhile the total for banks in Greece is up over 100 per cent as successful austerity measures have begun to rapidly transform the country’s economic outlook.
China, however, continues to grow strongly with its banks adding a total of nearly US$19 billion. There are now three Chinese bank brands in the global top ten.