As South Africa’s third most valuable brand, Standard Bank leads in banking sector
Standard Bank is South Africa’s third most valuable brand, making it the country’s most valuable banking brand for the second consecutive year.
Every year, Brand Finance puts 5,000 of the biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. The world’s top 100 most valuable and strongest South African brands are included in the annual Brand Finance South Africa 100 2023 ranking.
Standard Bank’s brand value in 2023 has increased by 27% to ZAR29.7 billion.
Brand Finance reports: “A strong post-pandemic recovery has set South African banking brands up for impressive brand value growth. The sector now accounts for five brands in the top-ten of the ranking and is also the most valuable sector in the South Africa 100 2023 ranking, making up 24% of the total brand value. The combined brand value of the eleven banking brands included in the ranking was ZAR146.5 billion.”
Lungisa Fuzile, Standard Bank South Africa Chief Executive, says: “We’re delighted that we have been recognized in the top three brands, amidst some of South Africa’s brand giants. To continue to lead as South Africa’s most valuable banking brand confirms our role as national ambassador in the contribution to the wider African economy.”
He adds: “Guided by our purpose, Africa is our home, we drive her growth, we exist to make life easier for our clients, helping them to save, transact, grow their wealth, grow their businesses, and protect the things that matter most to them.”
“Looking ahead to 2023, we will continue to support sustainable growth and development in South Africa, while delivering excellent client service using world class digital infrastructure balanced with a human touch.”
Notes to editors
Brand Finance is the world’s leading independent brand valuation consultancy and uses the royalty relief approach to quantify the financial value of a brand – a method that estimates the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use. This value is a theoretical net economic benefit that the brand owner would achieve by licensing its brand in the open market.
Apart from calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Alongside revenue forecasts, brand strength is a crucial driver of brand value. Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation.