Leading Nigerian banks make list of top 500 banks in the world

According to various media reports, United Bank for Africa (UBA), First Bank of Nigeria Limited (FBN), Guaranty Trust Bank Plc (GTB), and Zenith Bank Plc have been named among the world’s top 500 banks.

This was revealed in a new study conducted by the United Kingdom-based The Banker Magazine.

The 2016 The Banker and Brand Finance Top 500 Banking Brands report revealed that First Bank maintained its number one banking brand ranking in Nigeria for the fifth consecutive year, according to the report.

Nigeria CommunicationsWeek reports that First Bank moved up the scale by 16 places, rising from 336th position in 2015 to 320th this year.

The February edition of The Banker magazine of the Financial Times Group published the rankings in conjunction with London-based Brand Finance.

GTB moved to 389 in the world from 417 in 2015, while Zenith Bank dropped from 388 in 2015 to 392 in 2016.

UBA returned to the ranking in 447 as Access Bank Plc dropped from the 2016 ranking. In 2015, Access Bank was ranked 496.

Mr. Kunle Ogedengbe, Country Representative of The Banker magazine in Nigeria, in a statement, stated that First Bank’s brand value increased to $322m in 2016 from $300m in 2015 while GTB’s value also increased to $243m from $213m.

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For 2016, Zenith Bank’s brand value increased to $238m from $235 in 2015 while UBA, making a return to the ranking for the first time since 2012, has a brand value of $198m. In 2012, UBA’s brand value was $121m.

Of the five countries in Africa that made the ranking, Nigeria has the highest brand value increase of $249m, according to The Banker magazine.

South Africa and Morocco lost $878m and $213m respectively while Egypt moved up by $239m and Togo gained $134m.

On a global level, Wells Fargo of the USA retains the number one banking brand in the world for the fourth consecutive year and was followed by banks in China and the UK to make up the top 10.

Wells Fargo’s brand value for 2016 is $44.1bn, up from $34.9bn in 2015.

According to the magazine, 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).

A brand value is the licensing rate that a third-party would need to pay to use the bank’s brand.

The Banker magazine is in its 90th year and is regarded to have a robust coverage of global finance and banking publication as a subsidiary of the Financial Times Newspaper, which is regarded as the most influential newspaper in the world.