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Chinese banks top brand ranking

Chinese banks have for the first time outpaced western brands in brand ranking. The 2017 Brand Finance Banking 500 report says there has been a major change in global banking and for the first time, a non-western brand has topped the ranking. It said Chinese banks’ brand value growth has been rapidly outpacing that of European and North American competitors since the study’s inception. ICBC has become the world’s most valuable banking brand and total Chinese brand value outstrips that of the US. Already the world’s biggest bank by assets, ICBC’s brand value has grown 32% year on year to a total of $47.8 billion, constituting 20% of its $239 billion market capitalization. China Construction Bank and Bank of China are also growing strongly (by 17% and 13%, respectively) and outpacing western banks. China Construction Bank (CCB) is performing particularly well and only very narrowly failed to push Wells Fargo into third place, the report said. Banks in China are planning further international expansion and should see a further strengthening of their positions in future editions of the report, it said. CCB is aiming to expand from 24 to 40 foreign territories by 2020, by which it is aiming for pre-tax profit contribution of at least 5% from foreign operations. Bank of China is further ahead, with 23% of its pre-tax profit already coming from outside China and its foreign assets growing in size by 50% in the last three years alone.

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