CIMB has been ranked No. 1 in Malaysia and fourth in
Asean in Brand Finance's annual ranking of the world's 500 most valuable
banking brands, with an improved brand value of US$2.041 billion (RM6.7
billion).
CIMB contributed 29 per cent of the US$7.11 billion brand value commanded by Malaysian banks, Brand Finance said yesterday.It is also the only bank in Asia (excluding Japan) to be awarded the "AAA-" rating, a benchmark that is similar to a credit rating but instead reflects the strength, risk and potential of a brand relative to its competitors.
The Brand Finance's Banking 500 is an annual ranking of the most valuable brands in banking, conducted by leading brand valuation consultancy, Brand Finance.
The results were published in its latest edition of "The Banker" magazine.
Brand Finance Asia Pacific managing director Samir Dixit said CIMB is a growing brand with strong fundamentals.
"It is the only bank in Asia (excluding Japan) to have a 'AAA' brand strength rating. The 'AAA' rating is enjoyed by only 18 banks worldwide, so this is a fantastic achievement," he said.
The brand consultant also highlighted that CIMB is among the top five banks in Asean with a brand value exceeding US$2 billion.
Samir said given the tough competition in the banking sector in the region, the brand will play a very crucial role in the overall success of a bank and that is where CIMB will likely benefit more than others.
CIMB Group chief marketing and communications officer Effendy Shahul Hamid said Brand Finance's recognition was based on the success of the uniquely Asean position of CIMB businesses where brand was taken seriously.
Effendy said with an enlarged presence in Asean, CIMB had embarked on a more concerted effort in building up its brand equity and adopted a more cohesive regional branding strategy.
"The move is in tandem with CIMB's aspiration of becoming a leading banking franchise in Asean, and we look forward to delivering differentiated solutions to our customers across the region and beyond," he added.
