Banks’ brand values hit hard as reputation fallout continues to bite

January 22, 2019 4:27

Australia’s big four banks suffered a $1.1bn drop in brand value, led by ANZ, as the revelations from the Royal Commission into the sector damaged the big four’s reputations in 2018, a report has claimed.

According to Brand Finance’s annual report into Australia’s most valuable brands, Telstra retained top position, despite a 7% drop in value, while Coles and Woolworths jumped past the banks to become the nation’s second and third most valued names.

Despite the drop, Australia’s banking sector remained the most valued industry making up 27% of the nation’s total brand value, the report found. Retail was in second place with 21.6% of the nation’s value and telecoms at 12.7%.

Of the big four banks, ANZ suffered the biggest drop of 13% to $9.1bn while Westpac dropped 2% to $7.3bn. The CBA was static at $10.6bn while the NAB gained 4% to $8.6bn.

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Paul Wallbank

Paul Wallbank was news editor at Mumbrella between June 2017 and June 2019. Previously he's covered business and technology issues for outlets ranging from The Australian and Sydney Morning Herald to the ABC and Business Spectator.

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