In the Land Down Under, Westpac, Australia New Zealand Banking Group (ANZ), Commonwealth Bank of Australia (CBA) and the National Bank of Australia (NAB) are collectively known as the Big 4 because they dominate the country's banking system. But side-by-side with global banks, the 4 lenders are just the Small 4.
According to The Brand Finance Banking 500 study released on Monday, the highest rank Aussie bank is ANZ on 39th place with a brand value of $6.8 billion. In contrast, the number one bank on the list, Wells Fargo in the U.S. is estimated to have a brand value of $30.2 billion. It was the same rank that ANZ held in 2013.
A brand rating is a benchmark or measure of the strength, risk and potential of a brand,
On second place is CBA which is ranked 42nd place with a brand value of $6.3 billion. CBA moved two places up.
Third place is NAB, ranked 46th, its same spot in 2013, and valued at $5 billion. Two places below at 48th is Westpac with a brand value of $4.9 billion. Westpac was recently named as the most sustainable company in the world.
The 4 Aussie lenders all boosted their brand value, but only CBA and Westpac moved up their global ranking slightly.
They are expected to report collectively for the current financial year profits higher than the previous year's $27.3 billion.
Smaller Aussie banks are noticeably improving their place in the list.
The report said that BT Financial Group grew 94 per cent to its total brand value of $713 million and leapfrogged 93 places in the global ranking, while Suncorp improved 28 per cent to $463 million and Bankwest expanded 20 per cent.