American banks top image poll

Asians are more familiar with the brands of American financial institutions than with their local rivals, with US bank Citibank top of the regional league, according to a new financial image survey conducted by Time Inc Asia. The survey examined perceptions of 58 international financial institutions among almost 23,000 Asian subscribers of Time's stable of regional magazines; Asiaweek, Fortune and Time. Of those respondents, 92 per cent were of Asian heritage. Citibank was rated first across the region. Ninety per cent of respondents said they were 'very familiar' or 'familiar' with the bank and its brand. Seventy-two per cent of respondents said the same of Hong Kong's HSBC, which came in second. American institutions also topped the investment bank league, with Merrill Lynch out in front. AIA was rated as the top insurance company in the Asia-Pacific region. Across the region, emerging markets bank Standard Chartered Bank came third, followed by Bank of America and Chase Manhattan Bank. At a local level, HSBC faired better than Citibank in Hong Kong. The regional leader took second place, followed by Merrill Lynch, Goldman Sachs and Chase Manhattan Bank. Alice Chai, vice-president of marketing information at Time Inc Asia, said one explanantion for HSBC's second rate performance - albeit the best-performing local brand - was the timing of the survey. "When we did the survey last year, HSBC was in the middle of a global rebranding," she said. However, one of Singapore's largest institutions across all sectors, the Development Bank of Singapore, also came second to Citibank in Singapore, with HSBC coming third. Ms Chai said the quality of marketing used by American financial institutions - in terms of both public relations and advertising - was superior to Asian rivals. "US companies have been established for many years and have had time to build brand awareness and are particularly good at it," said Ms Chai. AIA and Standard Chartered Bank took fourth and fifth places respectively in Singapore. - For the full story, see Asian PR News, available only by paid subscription. Call Ms Iris Tang at (852) 2577-2628 or email subscrib@media.com.hk.

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