关于最有价值和最强大的航空航天和国防品牌的年度报告

A review of the top ContentsJanuary 2008 --------------------------------------------------------------------------------------------------------------------About Brand Finance4Executive Summary51.Introduction: A review of the global financial services industry in 200762.The Global 500 Financial Brands Index (1-100)83.Commentary on the top 20 banking brands84.Top five banks by segment205.What role does ‘brand’ play in consumer and business banking?226.Accounting and tax implications of banks’ brand values26(i) The Impact of IFRS3 on banking businesses26(ii) Key requirements of IFRS 3 with implications for brand and other intangibleasset valuation27(iii) Tax planning: IP-holding companies29Appendix30(i) The growth of intangible assets30(ii) Explanation of Brand Valuation Methodology32(iii) Notes on the Global 500 Financial Brands Index35(iv) The Global 500 Financial Brands Index (101-500)36 Foreword Thisreport,initially published in 2006,was the firstpublicly available table analysing the financial value of theworld’s top one hundred banking brands. It is publishedannually and incorporates data from the world’s thirty-twolargest stock markets. This year we have also extended ouranalysis to the top 500 global brands. Each brand has beenaccorded a Brand Rating: a benchmarking study of the Since the late 1990s, the banking industry has entered awave of mergers and acquisitions in which brands arebeingcombined,consolidated and created.BrandFinance’s league tables take into consideration a sector Among the latest developments in the financial servicesindustry clearly the sub-prime crisis stands out, and hashad considerable influence onthis year’s rankings. Thecrisis has resulted in significantly adjusted expectations offuture financial performance, enterprise values and brandvalues.In addition we have seen the emergence of This report serves to provide an opinion as to point-in-timevaluationsof the biggest banking brands,and also David HaighChief ExecutiveBrand Finance Plc About Brand Finance plc Brand Finance is an independent global consultancy focused on advising stronglybranded organizations on how to maximize value through the effective managementof their intangible assets. Since it was founded in 1996, Brand Finance has performed Brand Finance services support a variety of business needs: Analytics: Valuation services: Business ValuationsIntangible Asset Valuation-Balance Sheet Brand Transactions: Strategy: Our clients include international brand owners such as Vodafone, Shell, GroupeDanone and SABMiller, tax authorities such as the IRS,Her Majesty’s RevenueandCustoms and the Australian Tax Office, IP lawyers and investment banks. Our work isfrequently peer-reviewed by the Big Four audit practices and our approach has also Brand Finance is headquartered in London and has a network of international officesin Amsterdam, Bangalore, Barcelona, Colombo, Dubai, Geneva, Hong Kong, Istanbul,Madrid, Moscow, New York, Paris, São Paulo, Sydney, Singapore, Toronto and Zagreb. www.brandfinance.com Executive Summary Only two bank brands: HSBC and American Express receive triple ‘A’ (AAA- to AAA)brand ratings. Among the top 20 brands, American Express has one of the highest percentage ofbrandvalue to market capitalisation(31%)and the second lowest market On average consumer banks display a higher brand value to market capitalisationthan investment banks. This is the result of the fact that consumer banking As we forecast in our 2006 report, Chinese banks have emerged as significantplayers on the global stage. Three Chinese banks now appear as part of the top 25brands: Industrial & Commercial Bank of China, China Construction Bank and Bankof China did not feature in our valuation last year due to lack of data, but are now The merger between Banca Intesa and Sanpaolo IMI in Italy led to a combinedbrand ranked 19th this year. Banca Intesa ranked 49th last year, and Sanpaolo IMIwas not part of the top 100 brands. We expect this trend to continue with a focus Banks that are domiciled in large and rapidly emerging markets, such as Brazil,Russia, India and China (the ‘BRIC’ countries) continue to benefit from rapideconomic growth in their territories. For example, Brazil has three banks amongthe top 60 brands: Banco Bradesco ($4,106 million), Banco do Brasil ($4,008million), and Banco Itau ($3,500 million), ranked 42nd, 45th and 53rd respectively,China has three banks: Industrial & Commercial Bank of China ($8,427 million),China Construction Bank ($7,786 million) and Bank of China ($6,741 million), The sub-prime mortgage financial crisis that started in the American market andbecamea global financial crisis in 2007 has affected revenues,market Brand Finance Banking 500© Brand Finance plc 2008Please note that all figures in this report are in US dollars unless stated otherwise. 1.Introduction:A review of the global financial 2007 was characterised by a global financial crisis that had its inception w