First Bank of Nigeria Limited, Guaranty Trust Bank Plc, Zenith Bank Plc and United Bank for Africa have been named among the world’s top 500 banks. A new study conducted by the United Kingdom-based The Banker Magazine gave this verdict.
The 2016 The Banker and Brand Finance Top 500 Banking Brands report showed that First Bank retained its number one banking brand ranking in Nigeria for the fifth consecutive year.
First Bank moved up the scale by 16 places, rising from 336th position in 2015 to 320th this year.
The ranking was published in the February edition of The Banker magazine of the Financial Times Group in conjunction with London-based Brand Finance.
While GTB moved to 389 in the world from 417 in 2015, Zenith Bank dropped from 388 in 2015 to 392 in 2016.
UBA returned to the ranking in 447, while Access Bank Plc dropped from the 2016 ranking. Access Bank was ranked 496 in 2015.
A statement by the Country Representative of The Banker magazine in Nigeria, Mr. Kunle Ogedengbe, noted that First Bank’s brand value increased to $322m in 2016 from $300m in 2015 while that of GTB also increased to $243m from $213m.
A brand value is the licensing rate that a third-party would need to pay to use the bank’s brand.
The 2016 brand value of Zenith Bank increased to $238m from $235 in 2015 while UBA that made a return to the ranking since 2012 has a brand value of $198m. UBA’s brand value in 2012 was $121m.
According to The Banker magazine, of the five countries in Africa that made the ranking, Nigeria has the highest brand value increase of $249m.
Egypt moved up by $239m; Togo gained $134m while South Africa and Morocco lost $878mn and $213m respectively.
Globally, Wells Fargo of the United States of America retains the number one banking brand in the world for the fourth consecutive year and was followed by banks in China and the UK in the top 10 banks.
Wells Fargo’s brand value for 2016 is $44.1bn from $34.9bn in 2015.
The top 10 banks in the world are Well Fargo (USA); ICBC (China); China Construction Bank; Agricultural Bank of China; Chase (USA); Bank of China; Bank of America; Citi (USA); HSBC (UK); and Barclays (UK).
The Banker, in its 90th year, is said to have a robust coverage of global finance and banking publication from the group of Financial Times Newspaper which is regarded as the most influential newspaper in the world.