Banca Transilvania is the only Romanian banking brand to be included in the Brand Finance Banking 500 ranking. The total value of the main 500 banks include in the ranking increased by 10.2 percent up to USD 1.18 trillion.
Valued at USD 174 million, Banca Transilvania entered the Brand Finance Banking 500 on 486 and is ranked 142th among European banks. The inclusion of the bank in the ranking comes one year after Banca Transilvania was named the most valuable Romanian banking brand in the national ranking Brand Finance Romania 50 2017.
“This Romanian premiere in Brand Finance Banking 500 is both an acknowledgement of the constant growth of the Banca Transilvania brand, as well as a signal that the top Romanian brands are starting to expand the area of influence and to become visible in the global value landscape,” Mihai Bogdan, managing director Brand Finance Romania said.
Chinese banks are dominating the ranking, with ICBC (The Industrial and Commercial Bank of China), with a value of USD 59.2 billion topping the ranking, followed by the China Construction Bank, valued at USD 56.8 billion.
Banking brands challenged by technology brands
Banking brands are facing new competition in the financial services sector from companies such as Apple, Facebook, Google and Amazon. The technology brands are better aligned to the expectations of modern consumers, with the multi channel and multi platform services and have launched in recent years several financial services that challenge traditional banking services.