Only one sixth of the market capitalisation of Australia's large banks can be explained by their "brand value", according to the 2014 Top 100 Most Valuable Global Brand list from research firm BrandZ.BrandZ put Commonwealth Bank's brand value at US$21 billion; ANZ at US$19 billion and Westpac's at US$12 billion.National Australia Bank failed to make the list.BrandZ said the growing brand value of the listed brands from Australia (the three banks, plus Woolworths) "indicates how Australia's proximity to fast growing Asian markets has benefited the investment and banking businesses of the country's financial institutions."