DBS Bank continues to be Singapore’s Most Valuable Brand, according to Brand Finance’s annual “Top 100 Singapore Brands” report. With a brand value of USD 5.4 billion, this is the fifth consecutive year the bank has retained its leadership position in Singapore.
According to Brand Finance, DBS has a significant lead vis a vis the rest of the pack, with close to USD 1.8 billion of brand value between itself and the second-most valuable brand. Given this strength, it is “unlikely that DBS… will be dethroned from the top of the Brand Finance Top 100 Most Valuable Singapore Brands table”, the London-based consultancy added.
Samir Dixit, Managing Director of Brand Finance Asia Pacific said, “DBS is in a very strong position and it will continue to grow its brand strength and brand value given the ANZ acquisition. The strong and stable brand strength indicates that DBS is highly focused on their brand growth and makes concentrated efforts to build their brand and not just products to differentiate themselves. A strong brand further allows them to be competitive regionally and not just locally.”
He added, “What made Singapore Airlines the #1 brand for several years and now DBS the #1 brand for five years is their ability to drive the strength of their brand. Both are AAA rated brands, clearly indicating that their brand is driving the business."
In October last year, DBS announced the acquisition of ANZ’s wealth and retail banking business in five markets, namely Singapore, Hong Kong, China, Taiwan and Indonesia. The transaction cements the bank’s position as a leading wealth player in Asia, and also enables a rapid scale-up of its digital strategy in Indonesia and Taiwan.
Karen Ngui, Head of Group Strategic Marketing & Communications, DBS Bank said, “While banking as an industry is being disrupted, we have sought in recent years to embrace these changes by reimagining banking and the way we do marketing. We are delighted that these efforts have been recognised time and again, with DBS having been named World’s Best Digital Bank last year, and now, Singapore’s most valuable brand for the fifth year. We will continue to embed ourselves in the customer’s journey and to operate like a 22,000-person startup, delivering digitally innovative solutions so as to make banking simpler and faster.”
London-based Brand Finance is an independent brand strategy and valuation consultancy. The Singapore Top 100 Brands report is published annually and incorporates data from all listed companies. Each brand is accorded a brand rating: a benchmarking study of the strength, risk and future potential of a brand relative to its competitor set; and a brand value, which is a summary measure of the financial strength of the brand.