LONDON: Saudi National Bank has been ranked among the world’s top 100 most valuable banking brands by the annual Brand Finance Banking 500 report.
SNB was the highest-ranked of 30 newcomers to the list this year. A brand value of $3.2 billion earned it 94th position globally and sixth place among institutions based in the Middle East and North Africa. Qatar National Bank retained top spot among the region’s banking brands.
The position of SNB in the top 100 was said to be guided by a significant rise in profits as well as emphasis on sustainability initiatives. The brand recently announced plans to create a platform focusing on long-term investments in sustainable economic activities.
“Saudi banking brands performed well in this year’s ranking, evidenced by SNB’s impressive entrance in 94th - thanks to the successful completion of its merger at the start of the year," said Declan Ahern, Valuation Director at Brand Finance. "Furthermore, strong performances from a number of brands, including both Al-Rajhi Bank and Riyad Bank, indicate that the sector is well positioned for continued growth in the future.”
Meanwhile, QNB consolidated its position as the most valuable banking brand in the region, experiencing growth of 16 percent to reach a value of $7.1 billion. It also rose three spots in the overall global rankings, to 45th place.
“QNB’s growth outpaced the average of the top 50 banking brands, reflecting the hard work put behind the brand and business over the last few years,” said David Haigh, chairman and CEO of Brand Finance.
“The brand has acted as a unifying force across its operations, which have benefited from the significant investment in digital services for retail and corporate clients, and has helped consolidate QNB’s position in the top 50 of the Brand Finance Banking 500 ranking.”
Other Middle Eastern banks in the top 500 include Saudi-based Al-Rajhi Bank (in 69th place) and UAE-based NBD (83rd), FAB (88th) and ADCB (117th).
