The eighth annual BrandZ Top 100 Most Valuable Global Brands study compiled by Millward Brown shows global banks increased their brand value by 23% in 2012, making the banking sector the second-fastest growing industry vertical.

HSBC remains the most valuable global bank brand – in the past 12 months its brand value increased by 24% making it worth just under $24bn. This is a stark contrast to last year’s survey when the UK headquartered bank decrease in brand value by 14%.

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Citibank, the third largest bank in the US by assets ranked second in the survey and enjoyed a brand value increase of 37%; Chase and Standard Chartered ranked third and fourth respectively.

Despite operating in some of the world’s fastest growing markets, Standard Chartered has had the smallest brand growth this year of the bank’s valued with only a 1% increase -dropping down eight places in the Top 100 to number 87.

JP Morgan made its brand debut at number 5 in the global banks ranking with a brand value of around $9.7bn, beating Santander and Barclays. While Santander’s brand value remained relatively flat, Barclays posted an increase of 34% taking its value to $7.9bn.

Regional banks also did well with a brand increase of 15% in 2012 taking their total worth to $236bn.

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Wells Fargo has replaced Chinese bank ICBC, who had a decrease of 1% in brand value, as the most valuable regional bank – growing 20% to be worth $47.7bn.

The best performing regional banking brand is Commonwealth Bank of Australia with a value increase of 36%, ranking at number 7 in the regional banks category and number 48 in the Top 100.

Australian Bank ANZ, is the highest ranked newcomer, debuting at number 52 in the Top 100 with a brand value of $16.6bn. It ranked eighth in the regional banks category.

Economic recovery in the US has been a major driver in the value growth of bank brands this year. After the debilitating global financial crisis, banks have been formulating new initiatives to rebuild consumer trust, with many business ventures aimed at high-wealth customers. Expansion in fast growing markets, particularly in Asia, has also greatly benefited global bank brands this year.

Vice president at Millward Brown Optimor Anastasia A Kourovskaia said: "In 2012 the global brands looked inward and recalibrated to win back consumer trust – for example, by being more transparent and by demonstrating thought leadership – but they still have a way to go. Our analysis shows that the top 10 global banks are still significantly less trusted and recommended by their customers than the regional top 10."