Russia’s largest savings bank Sberbank has become sixth most valuable bank brand in Europe and ranks 24th among the most valuable bank brands in the world, according to the Brand Finance ranking, the bank said in a press release on Wednesday.

Brand Finance estimates the values of companies’ brands.

It was noted that over the past year the brand value of Sberbank has increased by 33% to $9.1 mln.

“The world is becoming increasingly “digital”- that’s the reality. We want to be competitive, to be leaders in the industry and do our best to achieve it. We are facing an ambitious goal: to become a technology company, and we are actively moving in this direction. We try to send this message to everyone – our employees, customers, investors,” Sberbank CEO Herman Gref said as quoted by the press service.

Sberbank has become the only Russian brand on Top 100 lists of the bank ranking and the only Russian bank brand in Brand Finance Global 500 world ranking.

Brand Finance calculates brand value using the Royalty Relief methodology which determines the value a company would be willing to pay to license its brand as if it did not own it. This approach involves estimating the future revenue attributable to a brand and calculating a royalty rate that would be charged for the use of the brand.