simplyolat 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.