State banks head Most Valuable Brands list

Wednesday, 16 April 2014 02:53 - - {{hitsCtrl.values.hits}}

Brand Finance rankings published by LMD in the 2014 Brands Annual

Media Services, the publisher of leading business magazine LMD, announced that its special edition of Brands Annual 2014 has been released to supermarkets and bookstores across the island. The all-encompassing special issue features the top 200 brands in Sri Lanka, compiled by Brand Finance.The value of the top 10 brands combined has grown by around 30% (to Rs. 190 billion) the annual edition notes, adding that “the table is heavily weighted towards the financial services industry, which implies that the wider Sri Lankan economy is still enjoying post-war benefits”.

“As the economy and consumer spending catch up with the years lost to the war, many brands have achieved strong financial growth. Coupled with the perceived lower risk attached to the country and its economy, this has resulted in a significant increase in brand value,” its lead article states. The top 10 are familiar brands, having been at the summit or within striking distance of it for several years. They include Bank of Ceylon, which continues to retain the top spot, followed by another State bank – People’s Bank. The Brands Annual also notes that Commercial Bank “continues its dramatic rise in the rankings and is within striking distance of second-placed People’s Bank in this year’s table. This represents a remarkable performance for the banking behemoth.”