HSBC has been named the world’s most valuable banking brand, according to an annual index of 500 leading global banks. HSBC beat Citigroup and Bank of America to the top position in The Banker magazine and Brand Finance’s Top 500 Bank Brands 2008. Furthermore, HSBC also achieved the highest possible triple A brand rating.

The Banker, a publication issued by the Financial Times of London, believes that HSBC’s strategy of portraying itself as a large, powerful global bank with a uniform brand identity has been critical to its success. Brand building supported by high profile advertising under the tagline “the world’s local bank” ensures global awareness and appeal.

This recognition follows last year’s Interbrand study of the world’s most valuable brands across all sectors which saw HSBC jump five places to 23, the second best growth performance of the top 40 companies surveyed.

Chris Clark, Head of Group Marketing, HSBC, says: “A brand like HSBC is clearly a very powerful asset to leverage against all business lines in the company and fuel growth in emerging markets. As we develop our understanding of the brand, we have learned that this positive predisposition we have created sets an expectation for customers and employees.”