American banks top image poll

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