The global financial crisis has taken a heavy toll on banks’ brand valuations, yet HSBC is still the world’s most valuable financial services brand.

The Bank has retained its top rank on the Global Banking 500, a review of the top financial services brands in the world measured by both brand strength and brand value conducted by UK-based agency Brand Finance.

HSBC was also recently named the world’s most ethical company out of 541 multinationals in 18 sectors by Geneva-based research consultancy Covalence.

According to Global Banking 500, the world’s top 500 banks lost brand value worth US$218.1 billion, a 32% drop over the past year, while their market capitalisation slumped by US$3.9 trillion, or 51%.

“I welcome the Brand Finance report’s findings that HSBC is the only AAA+ ranked brand in financial services and is the most valuable financial services brand in the world. In these difficult times, values are more important than ever to our customers and they want a bank that they can trust,” said Alex Hungate, HSBC Group Managing Director, Personal Financial Services and Marketing. “So brands have never been more important in financial services and, within the category, HSBC stands out as being special. At HSBC, we believe that by recognising and understanding our customers’ values and priorities in life, we can better serve them,” said Mr Hungate.

Brand Finance released the third edition of the BrandFinance Global Banking 500 in association with The Banker Magazine. Its findings are as of 31 December 2008.

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