Eight Spanish Bank Brands Amongst The 500 Most Valued Worldwide

Eight Spanish banks brands amongst the 500 most valued worldwideThe first quarter was particularly damaging for the banking sector, coinciding with the start of the coronavirus crisis

With an increase of 55% compared to 2019, Abanca is the Spanish bank which has grown the most in terms of brand value and the fourteenth worldwide. This is according to the Brand Finance Banking 500 ranking of Brand Finance,  the leading global independent brand valuation consultant. Its rankings are the only ones which comply with ISO 10668. Spanish banks, represented by 8 entities (Santander, BBVA, Caixabank, Sabadell, Bankia, Bankinter, Kutxabank and Abanca) occupy the seventh place worldwide by brand value and account for 4% of the total brand value of the banking sector (represented by the 500 most valued entities).

The sum of the total brand value of Spanish banks saw a 7% drop year-on-year, falling from 32.194 billion euros in 2019 to 31,490 million in 2020. In spite of this, Spanish banks, representing 4% of the whole study, still maintain the seventh highest aggregate brand value in the world, behind China, the United States, Canada, the United Kingdom, Japan and France.

“In a context of uncertain economic conditions, characterized by geopolitical challenges, interest rate movements and the interruption of Brexit, the value of Spanish banking brands amongstthe 500 largest banks in the world has fallen for the first time since the financial crisis,” says Teresa de Lemus, Managing Director of Brand Finance Spain.

Abanca, the bank with the highest growth in brand value

Abanca is ranked 13th in the list of the 20 fastest growing banks this year. The Galician bank has gone up 79 positions in the ranking to 332 from 411. Abanca bought Banco Caixa Geral last October for 384 million euros, thus gaining market share.

BBVA the strongest brand in the Spanish banking sector

In addition to calculating the value of the brands, Brand Finance also determines their strength. In this respect, BBVA remains the strongest banking brand in Spain and the 14th strongest in the world. This rating is mainly due to its brand unification strategy worldwide.

Abanca (+ 55%) Santander (+ 5.5%) and Sabadell (+ 2%) are the only brands increasing their value. Santander is the only bank out of the world’s Top 10 private banking institutions which is not of Chinese or US origin. The bank headed by Ana Botín, occupies the 8th position in the global retail banks’ ranking. Santander’s brand value has risen by 827 million euros, or 5.5%, compared with 2019.

Sabadell, which has seen a 2% rise in brand value, also improved its Brand Strength from 70.2 to 75.5 (increasing from AA to AA + in the rating).