Nine leading Turkish banks have been included in U.K.-based Brand Finance's "Banking 500" ranking, which lists the world's most valuable banking brands.
Of the nine, Ziraat Bank ranked 146th as Turkey's most valuable bank with a brand value of $1.6 billion. Despite having increased its value by 14 percent, the bank dropped six places from last year's 140.
Treasury and Finance Minister Berat Albayrak on Twitter congratulated Ziraat Bank's performance as it recorded the highest value increase among Turkish banks.
Garanti Bank ranked 169th with a brand value of $169 billion, followed by İş Bank in the 179th place with $1.1 billion. Akbank was 196th with a valuation of $934 million, Yapı Kredi was 237th with $647 million and Halkbank was
323th with $428 million. Vakıfbank remained 337th with $396 million, Denizbank was 352th with $371 million and TEB 481th with $204 million.
The Chinese ICBC maintained its top position globally with a value of $79.8 billion. All of the nine Turkish banks on the list fell behind in the global ranking compared to the previous year. According to Brand Finance's "Banking 500-2019" survey, the total brand value of Chinese banking brands grew 28 percent, increasing some $407 billion in value, over $100 billion more than the total value of U.S. banks. The brand val
ue of Islamic banking, on the other hand, increased by 20 percent with the contribution of Middle Eastern banks.
Chinese banks dominated the top four spots of the ranking, while last year's champion, China's ICBC, raised its value by 35 percent to $79.8 billion. ICBC was followed by China Construction Bank with $70 billion, Agricultural Bank of China with $55 billion and Bank of China with $51 billion.
U.S. Wells Fargo ranked fifth on the list with $40 billion, followed by Bank of America with $37 billion, Citi with $36.4 billion, Chase with $36.2 billion and China Merchants Bank with $22.5 billion, while British HSBC ranked tenth with $20 billion in brand value.