PETRONAS, Maybank and Genting top MY's strongest brands in new report

Smaller banks have stepped up in the past year, seeing a double-digit growth in their brand values as they emerge from the pandemic. Three such brands are PETRONAS, Maybank, and Genting which topped a new report by Brand Finance Malaysia that ranked the nation's 100 most valuable and strongest brands.

In Brand Finance’s Malaysia 100 2023 report, PETRONAS held its reign as Malaysia’s most valuable brand for the 13^th consecutive year. Its brand value only dipped slightly, by 7% to US$12.7 billion. It also bagged the strongest brand accolade as gleaned from its brand strength index score which improved to 89.4 with a corresponding brand strength rating of AAA.

PETRONAS maintained its top position in spite of the uncertainty of the macroeconomic climate. Now, with travel restrictions lifted, Malaysia is expected to host 9.6 million travellers in 2023 and PETRONAS anticipates a surge in demand for fuel across the various sectors – aviation, hospitality, food, beverage and transport.

On the sustainability front, the report stated that PETRONAS aims to lead the nation in achieving its national sustainability goals. Through the operation of various carbon reduction programmes, the brand reported a 19% decrease in greenhouse gas emissions from its upstream operations in the third quarter of 2022, as compared to the previous year.

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Moreover, PETRONAS continues to bolster Malaysia’s reforestation efforts through its tree planting initiatives and keeps a lookout for the nation’s underprivileged communities, providing almost US$222.30 million in assistance to 1.5 million beneficiaries.

Following behind PETRONAS is Maybank with a brand value of US$3.9 billion.

Bank Rakyat took the lead as the fastest growing brand in Malaysia, jumping ranks from 25^th position to 10^th from last year. Its core operating income rise by 3.42% to US$1.30 billion at the end of 2022 from US$1.26 billion the previous year. This was driven by the stronger financing growth in both its retail and business financing businesses.

According to a report, Bank Rakyat aims to realise the nation’s vision of fostering a robust digital economy in the banking and finance industries. The brand also remains dedicated to its sustainability efforts as it actively promotes the adoption of renewable energy to its customers via its environmental initiatives.

Alex Haigh, the managing director of Brand Finance APAC stated that smaller bank brands have been the big winners in Brand Finance’s 2023 Top 100 Malaysian brands ranking as they charted an impressive growth, expanding their digitalisation to meet the needs of customers.

“In the face of global economic uncertainties, these brands are successfully securing and expanding their core businesses further while strengthening the perceptions that customers have of them at the same time,” he added.

Across the border, Brand Finance’s Singapore, in a similar report, noted that over half of Singapore's most valuable brands are seeing double-digit percentage growth in their brand values as they settle into a post-pandemic economy. Three of such brands include DBS, Singtel, and The Hour Glass which topped its report. 

In Brand Finance’s Singapore 100 2023 report, Singapore multinational bank, DBS, defended its crown as the nation’s most valuable brand for the 11th consecutive year. According to the report, the brand saw its brand value increase by 21% to US$10.5 billion while retaining a brand strength rating of AAA.

Another brand that has retained its top spot as the nation's strongest brand is Singapore's telecommunications brand, Singtel. Singtel currently has a brand value that is up 6% to US$4.1 billion. 

Besides DBS and Singtel, luxury watch brand The Hour Glass also saw an honorable mention in the report. It jumped seven places to its current 50th position in Brand Finance's ranking this year and claimed the title of Singapore's fastest growing brand. It also saw an astronomical rise in brand value by 81% to US$148.43 million, 

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