Having reported steady growth, a report by Brand Finance Titled top 500 Banking Brands 2017, revealed that all Malaysian banks have improved their global rankings.
Maybank and CIMB remained crowned as the top 10 ASEAN bank brands and the top two Malaysian Bank brands in the global brand rankings . This was followed by Public Bank, RHB Bank, Hong Leong Financial, AmBank and Bank Islam respectively.
CIMB's increased its brand value by 10%, however with a 24% brand value increase, Maybank took home the top spot as it strengthened its position in the market as the most valuable bank brand in Malaysia. 2017 rankings saw CIMB fight back to regain their #1 spot. It increased its brand value by 10% and also improved its brand value to market cap ratio making it the highest in Malaysia and fourth highest in ASEAN.
Maybank however increased their lead over CIMB both in terms of brand value, and brand strength rating to retain its title of the #1 most valuable bank brand in Malaysia. Maybank had a strong and positive brand value growth of 24% amid stiff competition from other Singapore, ASEAN and global brands and gained 11 places to be ranked amongst the top 100 most valuable bank brands in the “Brand Finance Top 100 Global Banking Brands 2017” rankings
The 20% brand value increase as compared to a near zero increase in market cap improved the Maybank’s brand value to market cap ratio to 15% showing the importance of the brand and its ability to contribute to the business success.
Overall, CIMB’s brand value grew by US$ 178 million helping them get closer to the US$ 2 billion mark and to Maybank.
Samir Dixit, managing director of Brand Finance Asia Pacific highlighted that Maybank has been striving hard to retain the top bank brand spot in Malaysia. However, he explained that one needs to watch out for CIMB.
"CIMB will fight back hard as they have the highest brand value to market cap ratio. This indicates the competitiveness of the brand and its ability to contribute to business growth," said Dixit.
Highlighting the stiff competition that exists between the bank brands in Malaysia, Dixit explained that the local brands are more competitive when compared to the global players.
"Their crucial regional foot print is enabling good growth and helping establish their reputation with potential clients across the world,” added Dixit.
(Read also: DBS drops out of top 50 global bank brand rankings)