Equity Group secures No.2 spot in global banking strength
East and Central Africa’s financial powerhouse Equity Group, has once again etched its name in the annals of global finance by ascending to the prestigious second position in the World’s Top 10 Strongest Brands for 2024, according to Brand Finance rankings.
This achievement amplifies Equity’s story of relentless pursuit of excellence and its unwavering commitment to enriching lives and forstering wealth creation.
In the latest announcement of Brand Finance Banking 500 rankings, Equity Group not only solidified its standing by improving its Brand Strength Index (BSI) score to an impressive 92.5 out of 100 but also earned the coveted AAA+ brand strenth rating.
This marked an incremental yet noteworthy improvement over its 2022 debut, signifying the bank’s sustained momentum in enhancing its brand position globally.
The banking giant’s brand value witnessed a notable increase, rising by $22 million to hit $450 million or Kes64 billion, positioning it as the 10th most valuable banking brand in Africa. This ascent in brand value and strength is a reflection of Equity Group’s foundational pillars: robust governance, customer centricity, a culture of excellence, and an organizational ethos steeped in purposeful transformation.
Dr. James Mwangi, the CEO of Equity Group, attributed the lender’s recognition to its foundational principles. “Our journey towards becoming the strongest fianncial brand worldwide is paved with our dedication to transforming lives and expanding opportunities for wealth creation.”
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Strongest banks from Africa
He also highlighted the significance of having four of the top 10 strongest banks from Africa, a testament to the continent’s burgeoning financial sector and its pivotal role in shaping the future of global banking.
Brand Finance, a brand valuation consultancy, annually evaluates 5,000 of the world’s most prominent brands, offering insights in the dynamics of brand value strenth across various sectors.
The Brand Finance Banking 500 report is renowned for its comprehensive analysis, measuring brands against a multitude of metrics such as brand loyalty, revenue forecasts, and the increasingly critical factor of trust in customer choice.
Equity Group’s ascent in the rankings is also a testament to the lender’s role in the East African region as a purpose-driven organisation. The bank’s commitment to lifting society, coupled with its innovative financial solutions, has resonated well beyond its immediate customer base, fostering a broader impact on the communities it serves.
Reflecting on the bank’s journey and its vision, Dr. Mwangi cited the importance of being anchored in purpose and values. This approach has not only cemented Equity’s position as a leader in sustainable banking but also as a resilient and agile entity capable of navigating the complexities of the global finance needs.
For Equity, 2023 was marked by notable strides across subsidiaries, with growth in Rwanda, the Democratic Republic of Congo (DRC) Tanzania and South Sudan further enhancing the Group’s presence in the region. The lender’s new offerings and stakeholder engagement strategies continue to propel Equity Group, redefining the future of banking in Africa.
David Haigh, the CEO of Brand Finance, singled out the evolving dynamics of the banking sector, noting the ascendance of local banks in brand strenghth and the continued domianance of China’s mega banks in brand value.
This observation highlights the nuanced industry of global banking, where brand strength and value play critical roles in defining the success and influence of financial institutions.
Equity’s journey from a building society in Kenya, a regional powerhouse to a globally recognized banking brand exemplifies the transformative power of purpose-driven finance.
As the bank continues to innovate and expand its reach, its commitment to excellence, sustainalibility, and transformative impact remains the guiding beacon for its future endeavors, promising an even brighter horizon for this financial giant.
