Find out which of the Big Six came out on top
Royal Bank of Canada (RBC) has become the nation’s top bank in terms of overall value, significantly outstripping other industry heavyweights, according to a new report by global consultancy Brand Finance.
In this year’s edition of the Brand Finance Banking 500 ranking, RBC overtook Toronto-Dominion to become Canada’s most valuable banking brand. RBC posted approximately 20% growth over the past year to reach a value of US$19 billion.
“The two brands started from a similar level of just under US$16 billion at the beginning of 2021, with TD ahead by US$150 million only,” Brand Finance said. “However, over the course of the past year, RBC has seen double the rate of brand value growth compared to TD’s 10% uplift, resulting in the change at the top of the leader table.”
TD’s value stood at US$17.5 billion, and is now ranked behind RBC for the first time since 2019, Brand Finance said. RBC moved two spots to reach its highest rank so far at 11th, just shy of the top 10 spots mostly occupied by institutions from China and the United States.
RBC was also cited by the publication as Canada’s most valuable brand across all sectors of the economy.
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“Overall, Canada contributes nine brands to the Brand Finance Banking 500 ranking, with a combined value of US$73.1 billion – which is more than any other nation outside China and the US,” the consultancy said. “The average value of Canadian banking brands in the ranking stands at US$8.1 billion, compared to US$6.1 billion in China, and only US$4.1 billion in the US.”
Charles Scarlett-Smith, client director at Brand Finance Canada, said that the value of Canada’s top-ranked brands is demonstrated by their consistent value gains over the past year.
“This is a fantastic achievement and a testament to Canadian banks’ efforts to invest in and effectively manage their brands in order to differentiate themselves in a market challenged by increasing commoditisation,” Scarlett-Smith said.
