KUALA LUMPUR: Malayan Banking Bhd (Maybank) has been named in the prestigious Brand Finance’s Global 500 Brands, a breakthrough for the country's largest lender by assets.

Being placed 494 in the world’s top 500 most valuable brands list, it was only Malaysian bank and one of two Malaysian brands to be included in this prestigious listing, it said in a statement on Monday.

Maybank achieved a brand valuation of US$4.2bil, a 32% increase from last year’s valuation of US$3.16bil, it said in a statement on Monday.

“Maybank also maintained its position as the top bank brand in Malaysia for the fifth year running, improving its previous rating of AAA- to AAA, and recording an increase in Brand Strength Index (BSI) to 86/100 this year from 82/100 previously,” it said. 

BSI is a key driver that contributes to brand valuation and determines the strength of a brand.

Maybank said the steady performance was also replicated at the regional level as it was among only eight Asean brands listed in the global ranking. 

Maybank group president and CEO Datuk Abdul Farid Alias said this recognition reflected its sustained efforts in building closer relationships with its stakeholders and focusing on delivering consistent value through all its products and services.

“It is definitely a great honour for Maybank to be listed among the top brands in the world today. We believe it also demonstrates how a homegrown brand from Malaysia is defining new standards and raising the bar in the global stage with support from all its stakeholders.” 

Farid said Maybank’s strategy in developing a meaningful brand experience was centred on its mission to humanise financial services, as well as its commitment to being at the heart of communities where it operates. 

“While we will continue to strengthen our brand positioning across all our engagement channels, we are also focusing on providing next-generation customer experience given that technology is rapidly influencing our lifestyles and the way people do banking today,” he said. 

Brand Finance Asia Pacific Samir Dixit described this as a significant achievement for Maybank.

“It’s heartening to see that regional banks like Maybank have started to threaten some of the established global players and are now competing with the best in the world when it comes to global brand strength and global recognition.” 

“The Maybank brand has been growing from strength to strength over the years and this milestone achievement is a great reward for their concentrated brand management efforts over the years. And in this digitally chaotic world, the humanising financial services aspect will become a long term competitive advantage for Maybank,” he said.

Brand Finance in its annual survey, values the brands of thousands of the world’s biggest companies. The results of this analysis are then ranked with the world’s 500 most valuable brands featured in the Brand Finance Global 500 report.