ANZ is Australia's most valuable banking brand, according to the latest Brand Finance report on Australian brands.ANZ comes in third overall, behind Telstra and Woolworths. Commonwealth Bank, Westpac and National Australia Bank take out the next three places.BHP Billiton, Coles, Optus and Rio Tinto round out the top ten. Macquarie Group was ranked 11 and Suncorp 12.ANZ's ranking improved from fourth in 2015 and its brand is valued at A$10.2 billion.Commonwealth Bank fell from third in 2015 to fourth in the latest survey. Its brand is worth an estimated $9.8 billion.The bank has been involved in a series of scandals involving poor financial advice and insurance practices.Westpac moved up from seventh to fifth, with its brand estimated to be worth $7.9 billion.NAB moved up from eighth to sixth, with its brand estimated to be worth $7.5 billion.All bank brand values except CBA's rose.Brand Finance calculates brand value by estimating "the likely future sales that are attributable to a brand" and then assigning a "royalty rate" that would be charged for use the brand.The process involves an analysis of financial performance, sustainability and emotional connection. The royalty rate is calculated by reviewing comparable licensing agreements.