LONDON -- HSBC, Europe's largest bank by market value, has been named the world's most valuable banking brand, while three Chinese banks are among the top 25, according to The Banker magazine's latest Top 500 Financial Brands listing.
HSBC overtook Citibank, which was at the top last year, while Bank of America took third place in the magazine's ranking. Xinhua got a copy of the listing on Tuesday.
|People walk past a branch office of HSBC in Seoul September 4, 2007. HSBC has been named the world's most valuable banking brand. [Agencies]
This year's The Banker magazine listing highlights the emergence of Chinese banks as significant players on the international stage, with three Chinese banks appearing among the top 25 brands.
Industrial and Commercial Bank of China (ICBC) ranked 15th, while China Construction Bank is 17th and Bank of China 22nd.
In its latest issue, the magazine also named HSBC as the only bank to achieve the highest possible triple 'A' brand rating.
The announcement follows last year's Interbrand study of the world's most valuable brands across all sectors, which saw HSBC jump five places to 23, the second-best growth performance of the top 40 companies surveyed.
Chris Clark, Head of Group Marketing at HSBC, said that "in just 10 years the HSBC brand has become a very powerful asset. Many customers across all our business lines are increasingly looking for services and solutions with an international dimension. We are very well placed to help them and the brand sets out our credentials as these trends develop."
Banks that are based in large and rapidly emerging markets, such as Brazil, Russia, India and China (the "BRIC" countries) continue to benefit from rapid economic growth in their territories, the report said.
Apart from three Chinese banks, three Brazilian banks are listed 42nd, 45th and 53rd, while Russia's Sberband is ranked 55thand India's State Bank of India 59th.
Brian Caplen, editor of The Banker, said "banks are increasingly aware of the value of their brand and how it underpins everything they do across all business lines and all geographies."
He said The Banker magazine, together with Brand Finance, has put together a unique listing based on brand values and "we congratulate HSBC on coming top in this year's poll."
The report, initially published in 2006, is the first publicly available table analyzing the financial value of the world's top banking brands. It is then published annually and incorporates data from the world's 32 largest stock markets.