 "Combined value of Chinese banks overtakes US banks: Report")
The combined value of Chinese banks has surpassed that of US banks for the first time as they emerged as global leaders by asset base as well as brand value, a report by a business valuation consultancy has said.
The report by the London-based Brand Finance Banking 500 places Industrial and Commercial Bank of China as the world's most valuable bank, with a brand value worth $47.8 billion, representing a 32% year-on-year growth.
Marketing investment and the brand's credibility with customers, staff and shareholders, among other factors are taken into consideration in calculating the brand value.
The report said Chinese banks have an aggregate total brand value of $258 billion, accounting for 24% of the total brand value of the top 500 global banks by brand value, compared with 23% for US banks, state-run China Daily quoted the report as saying.
Zhou Jingtong, division head and professor at Bank of China's Institute of International Finance, said: "The brand value growth of Chinese banks is closely related to the continuous rise of China's contribution to the global economy."
"During the process, the Chinese banking industry maintained steady development in various aspects, including asset growth, asset quality, provision coverage ratio and capital adequacy ratio."
The internationalisation of Chinese banks, particularly in recent years, also contributed to their brand value growth, he said.