Four Nigerian banks make world’s top 500 banking brands


Adesola Adeduntan, Managing Director, FirstBank

Four Nigerian banks have been ranked among top500 global banking brands in 2016, according to the February edition of the “2016 Top 500 Banking Brands in the World” published The Banker magazine Financial Times Group in conjunction with Brand Finance, London. The banks are, First Bank of Nigeria, Guaranty Trust Bank, Zenith Bank and the United Bank for Africa.
A statement from the Country Representative of The Banker magazine in Nigeria, Kunle Ogedengbe, stated that First Bank retained its number one banking brand ranking in Nigeria for the fifth consecutive year in the “2016 The Banker and Brand Finance Top 500 Banking Brands in the world.”
It disclosed that First Bank moved up the scale in 16 places, from the 336th position, in 2015 to 320 this year. First Bank was followed by Guaranty Trust Bank, which moved to 389 in the world from 417 in 2015; Zenith Bank dropped from 388 in 2015 to 392 in 2016, and the United Bank for Africa that returned to the ranking in 447. According to the statement, “First Bank’s brand value, which is the licensing rate that a third-party would need to pay to use the bank’s brand increased to $322 million in 2016 from $300 million in 2015 while that of Guaranty Trust Bank also increased to $243 million from $213 million.
The 2016 brand value of Zenith Bank increased to $238 million from $235 in 2015 while United Bank for Africa that made a return to the ranking since 2012 has a brand value of $198 million. UBA’s brand value in 2012 was $121 million.” However, the statement revealed that Access Bank, which made the ranking at 496 in 2015, was dropped from the 2016 ranking. It added that of the five countries in Africa that made the ranking, Nigeria had the highest brand value increase of $249 million; Egypt moved up by $239 million; Togo gained $134 million, while South Africa and Morocco lost $878 million and $213 million respectively.
The ranking further show that 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 United Kingdom in the first 10.
The statement noted that: “The first 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).”
According to the statement, the Top 500 Banking Brands measured the value of financial services firms across the world, analysing specific sectors and countries, and identifying the brands that have improved the most, as well as those that have suffered the greatest setbacks. “For the ranking’s methodology, Brand Finance obtained brand-specific financial and revenue data; modelled the market to identify market demand and the position of individual banks in the context of all other market competitors.”

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