Sberbank outperformed Goldman Sachs’ brand value in the Brand Finance Banking 500, according to the bank. Sberbank’s brand value grew by 33% in 2016, reaching $9.1 billion. Sberbank is now 24th overall in the Brand Finance Banking 500 ranking and sixth among European banks.
“The world is becoming increasingly ‘digital’ – that is already the reality,” said Sberbank CEO Herman Gref. “We want to be competitive, to remain industry leaders, and we do everything possible for that. We are faced with an ambitious goal: to become a technology company. We are actively moving towards this goal and we are trying to convey this idea to everyone, especially our employees, customers, and investors.”
Sberbank is the only Russian brand listed in the top one hundred of the bank’s rating and the only Russian bank brand included in valuation consultancy Brand Finance’s Global 500. The rating’s top five banks are ICBC, Wells Fargo, China Construction Bank, Chase and the Bank of China.
Brand Finance estimates the value of a brand by determining how much a company would be willing to pay for a brand’s licensing if it was not its own. This approach involves the assessment of future revenues associated with the brand and the calculation of royalty rates to be paid for the use of the brand.