Four Nigerian banks among world’s top 500

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.

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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.

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