TD is Canada’s Most Valuable Banking Brand

• Ten Canadian brands, with a combined brand value of $71.4 billion, feature in the Brand Finance Banking 500 2024 ranking
• TD is the highest-ranked Canadian bank, sitting at 12^th with a brand value of $19 billion
• Tangerine debuts at 402^nd
• Chinese banks recover in brand value, holding on to top four
• Local banking brands prove stronger than global brands: Indonesia’s BCA is ranked the world’s strongest banking brand, and regional African players report high scores for brand strength

Ten Canadian banks, with a combined brand value of USD71.4 billion, feature in the Brand Finance Banking 500 2024 ranking. Canada ranks third in cumulative brand value, significantly behind China and the United States, and marginally ahead of the United Kingdom, with the 19 British banks that feature recording a total value of USD66.9 billion.

TD Bank Group (TD) is the 12^th most valuable banking brand in the world and Canada’s most valuable banking brand, with a brand value of USD19.0 billion. TD has shown robust performance in Brand Finance’s latest consumer research, particularly concerning consideration and familiarity. It stands out as the most recognised banking brand in the country, with 72% of respondents expressing familiarity. Moreover, 31% of individuals claim to be presently using TD’s services, solidifying its status as the most preferred banking brand in Canada. These consistent market indicators highlight TD’s enduring appeal within the industry.

TD not only leads in sustainability perceptions among Canadian respondents, excelling in environmental considerations and securing the second position for social and governance aspects but also demonstrates its commitment through action. This is exemplified by TD’s recent unveiling of a three-year, USD20 billion Community Impact Plan aimed at supporting diverse and underserved communities across its US presence.

RBC (brand value up 11% to USD16.4 billion) and BMO (brand value USD10.7 billion) round out the top 3 Canadian banking brands, sitting at 18^th and 27^th, respectively.

Tangerine debuts at 402^nd in this year’s ranking, with a brand value of USD305 million. The digital bank and subsidiary of Scotiabank (brand value down 11% to USD10.6 billion) prides itself on simplifying banking, offering flexibility and accessibility through innovative products and services. With over 2 million clients and assets exceeding CAD40 million, Tangerine also has strategic partners across the sporting sector, serving as the official bank of the Toronto Raptors, NBA Canada, and a founding partner of the WNBA Canada.

Canada Western Bank is the fastest-growing Canadian bank in the ranking, its brand value increasing 17% to USD280.0 million.

“The cumulative brand value of Canada’s most valuable banking brands has remained largely stable, with the ten most valuable banks only dropping a marginal 2% in total brand value. Canadian banks have demonstrated resilience amid a dynamic landscape despite challenges ranging from shifting interest rates to economic uncertainties. Their adaptability is a testament to their strength in navigating complex environments.“

Laurence Newell, Managing Director, Brand Finance Americas

The combined value of the world’s top 500 most valuable banking brands has reached a record level of USD1.44 trillion, almost double what it was a decade ago.

The Chinese banking sector demonstrates a notable recovery, with the ’big four’ banks remaining well ahead of their US counterparts. ICBC (Industrial and Commercial Bank of China) maintains its position as the world’s most valuable banking brand for the eighth consecutive year, boasting a 3% rise in brand value to USD71.8 billion. China Construction Bank, Agricultural Bank of China, and Bank of China secure second, third, and fourth positions respectively, following single-digit percentage increases in each of their brand values.

Despite experiencing a minor decline (4%) in brand value, Bank of America retainsthe title as the leading US banking brand for the fourth consecutive year, and is ranked fifth position overall, boasting a value of USD37.3 billion. Meanwhile, Wells Fargo, positioned sixth overall, is narrowing the margin with its American competitor, marking a 9% increase to achieve a brand value of USD35.8 billion.

”As the world’s top banking brands reach new heights, China’s mega-banks continue to dominate at the top of the brand value ranking. Another key insight from our 2024 data is that local banks increasingly outshine their larger counterparts in brand strength. Dominant brands thrive in singular markets with limited competition, while banks expanding into multiple markets may successfully augment their brand value but risk diluting brand strength"

David Haigh, Chairman & CEO, Brand Finance

Brand Finance’s research indicates that local and regional banks are performing as well as – and, in many cases, outperforming – global banks in terms of positioning their brand in the hearts and minds of customers. Indonesia’s BCA is the world’s strongest banking brand with a Brand Strength Index score of 93.8/100 and elite AAA+ rating. Three African brands, Equity Bank, First National Bank, and Kenya Commercial Bank, as well as Romanian Banca Transilvania all rank amongst top 5 strongest brands globally, earning AAA+ ratings.

Only 11 of the top 50 countries experienced decreases in aggregate value, led by Russia (69%), Malaysia (20%), and Nigeria (14%). Unsurprisingly due the international sanctions imposed on Russia, the country’s two largest bank brands – VTB and SBER – have suffered the biggest falls in brand value by percentage, with 91% and 63% plunges, respectively.