The Merchant Bank of Sri Lanka and Finance PLC (MBSL) has emerged as one of the top 10 brands in Sri Lanka’s financial services industry. LMD and Brand Finance Lanka, in the latest Brands Annual 2017, which ranks the country’s top 100 corporate brands of listed and unlisted companies, has ranked the MBSL brand among the 10 most valuable consumer finance services brands in Sri Lanka. This independent external ranking has affirmed MBSL’s market position as one of the fastest growing brands in the financial services sector in the country.
Having successfully accomplished one of the most complex corporate mergers in the country, MBSL is now well on its way to reinvent its image as a rapidly rising, modern, and customer oriented brand.
“This is indeed an encouraging sign of MBSL’s brand recognition and mind share among the public. The 2017 ranking puts MBSL at number 7 among financial services providers, placing us within the top 10 leading brands in the financial services industry, from the 8th position in 2016. It is noteworthy that this improvement in brand value has been achieved within just two years of extensive internal restructuring and rapid changes to our business model, following the merger process. This demonstrates the value of the MBSL brand and is indicative of MBSL potential as we continue to expand and strengthen our brand presence,” said MBSL Chairman Dr. Sujeewa Lokuhewa.
“The upward movement in MBSL’s brand ranking reflects the improvements not only in how the brand is perceived but also the improvements to internal businesses processes and our service delivery. We have continually invested in building customer relationships, augmenting our customer care and enhancing the quality of our employees. Our employees are the most prominent brand ambassadors of MBSL, demonstrating MBSL’s business ethics and quality of products and services to external stakeholders. I am confident we shall continue to see further improvements to our market position and brand equity in future,” said MBSL CEO T. Mutugala.
In addition to MBSL’s ranking among financial services providers in the country, MBSL’s overall brand ranking among the top 100 listed and unlisted companies, in the 2017 Brands Annual, has also improved significantly within one year. In 2017, MBSL came in at the 58th position among the top 100 brands with a brand value of Rs. 774 million. This is an upward climb of 18 points from the 2016 ranking at number 76 and a brand value of Rs. 475 million.
The improved brand ranking follows MBSL’s improved financial performance in the 2016-17 financial year and the stronger market presence through customer growth, portfolio growth and brand recognition. The company has also focused more on brand building and enhancing brand equity through ongoing marketing and customer relationship building programs.
In addition to a strong financial performance, MBSL has also made its mark through other non-financial accolades. MBSL was named one of the ‘Best Employer Brands in Sri Lanka in 2016,’ by the World Human Resource Development Congress and was recognised as the ‘Emerging Bank of the Year’ at the Middle East Asia Leadership Summit Awards 2017, in Dubai. These accolades reflect overall improvements to the company and have contributed towards building the MBSL brand image.