Banks and insurers represent over 43% by value of the BrandZ Top 30 most valuable South African brands survey.
Specifically, the top two brands Standard (11%) and First National (9%) represent 20% of the Top 30’s combined value.
Four other lenders, Absa, Nedbank, Investec and Capitec feature in the top 30 most valuable South African brands ranking.
Collectively, the six featured banks account for 34% of the Top 30’s value.
Notably, this is considerably higher than bank brands in the majority of other countries.
Most valuable South African brands – 6 banks in top 30
With an estimated brand value of $4.79bn, Standard Bank tops the ranking, ahead of First National ($3.67bn).
Absa ranks in seventh place ($2.02bn) just ahead of 8th placed Nedbank ($1.88bn).
The other banks to feature, Investec and Capitec are ranked 13th and 20th respectively.
The report is published by marketing multinational WPP and Kantar Millward Brown.
South Africa’s economy grew at 1.4% in the first quarter of 2018 but has been struggling for a spark. The country’s economic growth has slowed because of declining global competitiveness and growing political instability.
In addition, a downgrade in the country’s investment-grade credit rating has negatively impacted investor confidence.
The report notes that the survey is filled with brands that have successfully innovated by buying and adapting technology.
“Brands including Capitec Bank and First National Bank are seen by consumers as the most innovative.”
Insurers account for 9.9% of the most valuable South African brands. In particular, Discovery (9th) and Old Mutual (10th) are the top two ranked insurers.
The combined value of the Top 30 Most Valuable South African Brands is $42.6bn.
The opinions of over 17,300 South African consumers are canvassed for over 506 brands in more than 35 categories.
Beyond finance brands, Telcom Providers are strong and feature Vodacom (3rd) and MTN (5th). Retail is the category leader in number of brands and is ranked as the third most valuable category with Woolworths (11th), Shoprite (14th), and Mr Price (17th).