[Egypt] QNB voted most valuable banking brand in Middle East and Africa
QNB Group has maintained its ranking of the most valuable banking brand in the Middle East and Africa region according to the annual survey carried out by Brand Finance and published by The Banker magazine, an affiliate to the internationally acclaimed Financial Times newspaper. The award also placed the QNB brand among the Brand Finance Banking 500 rankings.
QNB witnessed the value of its brand increase to $3.826bn compared to 2015, representing an increase of 56 per cent and elevating the company to 60th place on the Brand Finance Banking 500. The bank also has the highest possible rating for brand strength: AA+.
This year is also the first time that QNB appears in the Brand Finance Banking 500, which covers the world’s most valuable brands from across all countries and sectors. QNB Group is the only financial brand from the Middle East and Africa to be included among the top 500.
The Banker stated that the group’s financial results and its strong performance during 2016 also had a positive impact on its brand value ranking, as net profits reached $3.4bn in 2016, up by 10 per cent from the previous year. Total assets reached $198bn, up by 34 per cent from December 2015.
Moreover, the magazine noted that of particular significance to brand value and reach in 2017 was QNB Group’s strategic acquisition of a 99.88 per cent stake in Finansbank A.Ş (now rebranded as QNB Finansbank), the fifth-largest privately owned universal bank in Turkey by total assets, customer deposits, and loans.
Yousef Darwish, general manager for group communications at QNB Group, said that achieving this ranking is the result of the steps that the group has taken during the last few years and until the end of 2016, explaining that these steps have contributed a great deal to the ranking of a brand that is now valued at $3.826m.
He stressed that the outstanding performance and strong growth in 2016 had helped QNB realise its vision of becoming a 2017 Middle East and Africa icon, and that building on QNB’s continued success, QNB Group has embarked on the aspiration of becoming a leading bank in the Middle East, Africa, and Southeast Asia (MEASEA) by 2020.
Darwish pointed out that QNB Group is now the only Qatari brand in the financial sector among the world’s 100 best brands. “This is a strong motivation for all who belong to the group to continue seeking out prestigious recognitions of our brand in the near future to reach new global levels,” he added.
David Haigh, CEO of Brand Finance, said that the results of this year’s Brand Finance brand value league table’s show that QNB’s hard work has paid off. “With this ambition fulfilled, QNB can look to newer goals, such as expansion in Southeast Asia, with confidence,” he added.
Stringent judging criteria are used by Brand Finance in the value assessment process of banking brands. The factors considered include: size of operations, geographical presence, global and regional reputation, and brand classification.
The group has maintained its position as one of the highest-rated regional banks from leading credit rating agencies including Standard & Poor’s (A+), Moody’s (Aa3), Fitch (AA-), and Capital Intelligence (AA-). The bank has also been the recipient of many awards from leading international specialised financial publications.
QNB Group is present, through its subsidiaries and associate companies, in more than 30 countries across three continents providing a comprehensive range of products and services. QNB Group employs more than 28,000 people across 1,200 locations and operates 4,300 ATMs.