HDFC Bank tops the Top 50 valuable Indian brands chart
India's top bank HDFC Bank has topped the Top 50 most valuable Indian brands chart this year. The recently unveiled list was published by BrandZ, announcing that the bank's brand valuation increased by nearly 15% from that of last year. Although HDFC is in the list, the highest gains in brand value was bagged by Kotak Bank, with an increase of 39% from 2015.
HDFC Bank
Housing Development and Finance Corporation (HDFC) Bank is one of India's leading banking and financial services company. The bank was founded in 1994, and is currently based out of Mumbai. With branches across other countries such as Bahrain, Hong Kong and Dubai, the bank is touted to be the largest bank in India in terms of market capitalization.
HDFC makes it to the top 100 valuable global brands
India's HDFC Bank charted its way into the top 100 most valuable global brands list earlier this year. The list, published by BrandZ, features the bank at the 69th position and is pitched to be the sole Indian brand on the list. It is said to be the bank's second time in being featured as one among the top 100 global brands.
Who conducted the study?
The study was conducted by WPP's brand consultancy and marketing company Millward Brown. The study revealed that HDFC Bank's brand value has jumped to $14.44 billion from $14.02 billion last year.
Other banks that made into the list
Other Indian banks did not have much to celebrate, as most retained their previous ranking and some saw their brand valuation drop. State Bank of India's ranking was maintained at the third position in the list, but its brand value fell almost 32%. ICICI Bank also lost almost 25%, although the biggest fall in brand value was for Punjab National Bank, losing almost 50%
Study reflects the decreasing brand value of financial services
"Overall the value of financial services brands tanked by 33 per cent and the financial services sector was responsible for bringing the overall value of the Top 50 brands in India by four percentage points," a senior Millward Brown executive said.
