Turkish banks make list of top 500 brands

Turkish banks make list of top 500 brands

ISTANBUL - Hurriyet Daily News
Turkish banks make list of top 500 brands

Akbank took the top spot among Turkish banks and was ranked 96th out of the world’s top 500 bank brands in a recent study by Brand Finance.

Turkey’s Akbank was ranked number 96 out of the world’s 500 most valuable bank brands, according to a study released by Brand Finance, which compares and ranks global brands.

Akbank was ranked the top bank in Turkey and seven other Turkish banks were included in the list, averaging a total brand value of approximately $7.97 billion, according to the study.

However, the Brand Finance report also indicated that while Turkey’s banks were exhibiting strong economic performance, Turkish bank brand labels were on the decline. In fact, according to Brand Finance, these eight Turkish banks in 2011 witnessed a 19 percent decline in their brand value.

Brand Finance Turkey Director Muhterem Ilguner attributes this decline to the average 10 percent drop in Turkish banks’ revenues for 2011 and the expected slowdown in the Turkish economy in 2012. “We cannot expect 2012 to be a good year for Turkish banks’ brand values and the depreciation of the Turkish Lira against the U.S. dollar does not help matters,” said Ilgüner.