CIMB top banking brand in Malaysia, 4th in Asean

by **Cals** Wed 26 Feb 2014, 17:33

Business & Markets 2014

Written by Bernama

Wednesday, 26 February 2014 12:23

KUALA LUMPUR (Feb 26): CIMB, with an improved brand value of US$ 2.041 billion, has been ranked No. 1 in Malaysia and 4th in Asean in a Brand Finance's annual ranking of the 500
most valuable banking brands globally

The Banker/BrandFinance® Banking 500 is an annual ranking conducted by leading brand valuation consultancy, Brand Finance, and its results were revealed in the latest edition of the ‘The Banker’ magazine.

CIMB contributed 29% of the US$ 7.11 billion brand value commanded by Malaysian banks. It is also the only bank in Asia ex-Japan to be awarded the “AAA-” rating - a benchmark that is conceptually similar to a credit rating but instead reflects the strength, risk and potential of a brand relative to its competitors.

Samir Dixit, Managing Director of Brand Finance Asia Pacific, said, “CIMB is a growing brand with strong fundamentals. They are 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. Furthermore, CIMB is also amongst the top 5 banks in ASEAN with a brand value exceeding US$ 2 billion.

"This is no mean feat given the tough competition in the banking sector in the region. Given the economic slowdown and the margin stress in the industry, 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," he said.

With its enlarged presence in ASEAN, CIMB has embarked on a concerted effort to build up its brand equity and adopted a more cohesive regional branding strategy.

The move was in tandem with CIMB’s aspiration of becoming a leading banking franchise in ASEAN.

Effendy Shahul Hamid, Group Chief Marketing and Communications Officer of CIMB Group, said, "External validation is always good, and it's nice to be recognised as the top banking brand in Malaysia and 4th in ASEAN.

"This recognition is based on the success of the uniquely ASEAN position our business and brand has taken, and we look forward to delivering differentiated solutions to our customers across the region and beyond, he said.