Egypt 10 2023

The annual report on the most valuable and strongest Egyptian brands

Brand Finance Egypt 10 2023

National Bank of Egypt becomes most valuable Egyptian brand

National Bank of Egypt has become the most valuable Egyptian brand, valued at US$478 million

The National Bank of Egypt (brand value up 4% to US$477.7 million) has become the most valuable Egyptian brand, according to a new report from leading brand valuation consultancy, Brand Finance. In a challenging year affected by the Russian invasion of Ukraine, and very high inflation, the National Bank of Egypt has taken the crown of Egypt’s most valuable brand from Orascom (brand value down 19% to US$451.91 million).

Every year, leading brand valuation consultancy Brand Finance puts thousands of the world’s biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. Egypt’s top 10 most valuable and strongest brands are included in the annual Brand Finance Egypt 10 2023 ranking.

Throughout the last year, the National Bank of Egypt has issued deposit certificates offering very high interest rates at up to 25%, with the Egyptian Pound continuing to devalue.

Andrew Campbell, Managing Director, Middle East, Brand Finance commented:

“The National Bank of Egypt’s key role in financing government projects, lending to the Egyptian Government, and serving as the most common banking provider to government employees has helped to buttress the value of the brand and improve its brand equity.”

Efg-Hermes and Ezz Steel are fastest-growing Egyptian brands, up 52% and 32%

Banking brand EFG Hermes (brand value up 52% to US$90 million) is the fastest growing Egyptian brand. The banking and financial services brand mostly serves frontier emerging markets. Its impressive growth primarily comes as the result of a recently concluded acquisition of aiBANK, marking a strategic entry into the fast-growing and solid Egyptian commercial banking sector. This completes the brand’s transformation into an Egyptian universal bank, in that it has diversified to now operate an investment bank, a commercial bank and a fast-growing Non-Bank Financial Institutions (NBFI) platform.

Ezz Steel (brand value up 32% to US$67.12 million) is the second-fastest growing brand in the ranking, with its brand value increasing by around US$17 million. The brand continues to invest in the latest steelmaking technology, while it has also increased its output in the last year. This comes as a result of the high demand for its steel for large construction projects associated with Egypt’s fast rate of economic growth.

In addition to being most valuable, National Bank of Egypt is also the strongest Egyptian brand, earning upgrade to AAA- rating

In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 150,000 respondents in 38 countries and across 31 sectors.

As well as being the most valuable Egyptian brand, National Bank of Egypt also earned the highest-rating in the Egypt 10 ranking for brand strength, a reflection that it is held in high regard by its key stakeholders. It had a Brand Strength Index (BSI) score of 80/100 and corresponding AAA- rating. This has been bolstered by its various community engagement initiatives, as well as the launch a strategy to boost its digital transformation. This has improved customers' digital experience in the various banking aspects, further contributing to its 4-point BSI score increase in 2023.