The combined brand value of Chinese banks has overtaken that of the US, driven by consumers’ lack of cynicism, an affinity for brands and economic patriotism, according to a report by valuation and strategy consultancy Brand Finance.

China's Industrial and Commercial Bank of China (ICBC) topped the list with its brand value surging 32% year-on-year to $47.8bn. Brand value of China Construction Bank grew by 17%, while that of Bank of China grew by 13%.

The growth of the Chinese banks, in particular ICBC, came at the expense of Wells Fargo that lost its place as the world’s most valuable banking brand following a fake accounts scandal.  Brand value of the US banking major dipped 6% to $41.6 bn.

The study further said that another factor driving the growth in China was accelerating Chinese foreign M&A activity.

In Canada too most major banks registered a growth in brand value led by RBC that had a brand value growth of 28% to $12.7bn. TD, Scotiabank, Bank of Montreal, CIBC and Desjardins also saw double digit growth in brand value.

European banks such as HSBC, BNP Paribas, Deutsche Bank and Intesa Sanpaolo all registered decline in brand value. Deutsche Bank had the sharpest decline, with its brand value slumping 41% to $4.9bn.

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In Russia, Sberbank topped the list as the country’s most valuable banking brand, with its brand value surging 33% to $9.1bn this year.

Qatar National Bank ranked as Middle East and Africa’s most valuable bank brand, recording a growth of 56% in brand value reaching to $3.82bn.

Itau ranked as the most valuable banking brand in Latin America, with a brand value of $6.9bn that is nearly double compared to the previous year.

Brand Finance’s CEO David Haigh said: “Chinese banks are being carried along in the slipstream of its industrial giants as they grow and expand into international markets. Facilitating international deals boosts revenues, but more importantly, enables the banks to build their reputations with potential clients across the world.”