FINANCIAL SERVICES | Staff Reporter, Singapore

Banking giants dominate top brands in Singapore

DBS retains the top spot as the most valuable brand.

The three biggest local banks in Singapore have retained their position as the most valuable brands.

According to the latest ranking by Brand Finance, DBS still topped the list, with around US$5.4b brand value. OCBC and UOB again finish second and third with a brand value of US$3.64b and US$3.62b. Notably, UOB is the most improved brand by absolute value, its brand value has increased US$856m, closing the gap with OCBC.

Brand Finance Group CEO David Haigh said the three banks have contributed 30% of the total brand value in Singapore, up from 27% last year. The growth is in line with other financial brands around the world but we wish to see a more diverse mix at the top.

"We see the more aggressive moves from the banks particularly in M&A, with DBS acquiring wealth and retail business of ANZ in 5 markets and OCBC acquired National Australia Bank and Barclays wealth business in Singapore and Hong Kong. These will provide a boost to the brands’ values after the business integration and we expect the top 3 spots continue to be dominated by the banks next year," he said.

Check out the table below for the top 10 most valuable brands:

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