Nigeria continues to chart economic growth course as the Banker magazine of Financial Times Group in conjunction with Brand Finance, London, United Kingdom, has named four Nigerian banks on its latest Brand Finance Banking 500 ranking. Brand Finance used the “relief from royalty” approach, which values the brand in relation to the royalty rate that would be payable for its use, were it owned by a third party, the Top 500 Banking Brands report indicated, adding that the method is recognized by courts and tax authorities.
United States of America’s, Wells Fargo retained the number one banking brand in the world for the fourth consecutive year with a brand value of $44.1 billion from $34.9 billion in 2015. It is worthy of note that three of the top five global brands are Chinese: ICBC (second); China Construction Bank (third); and Agricultural Bank of China (fourth).
In this light, here is a list of four Nigerian banks in the top 500 ranking:
First Bank of Nigeria (FBN)
Nigeria’s largest financial services institution by total assets and gross earnings, First Bank of Nigeria (FBN) ranked 320th, 16 places better than its 336th position last year, with increased brand value of $322 million from last year’s value of $300 million thus retaining its number one banking brand ranking in Nigeria for the fifth consecutive year in the global ranking. Since its establishment in 1894, the iconic elephant is the respected and instantly recognizable icon of FBN Group’s brand identity and has continually proven to be the first among other banks in the country.
Guaranty Trust Bank (GTB)
Over the years, Guaranty Trust Bank(GTB) has received several awards for superior financial performance, superior customer service delivery, excellent share performance, management efficiency. GTB is Nigeria’s 2015 Bank of the Year and most Innovative company. The 2016 brand value of Guaranty Trust Bank also increased to $243 million from $213 million last year. Guaranty Trust Bank improved on its 417th position last year, ranking 389th on this year’s list.
Established in May 1990, Zenith Bank has over 500 branches in major towns across the country. Zenith Bank’s brand value increased to $238 million from $235 last year. However, the bank dropped 8 places ranking 392nd from its 388th position last year.
In January 2012, Zenith Bank was recognized as one of the 30 outstanding global brands that are making sustainable impact on their operating environments in the area of Corporate Social Responsibility (CSR).Zenith Bank has consistently recorded good ratings from both the international and local rating agencies.
United Bank for Africa (UBA)
The corporate identity of the United Bank for Africa(UBA) rests on four core pillars- Efficient, Sound, Personal and Progressive. UBA made a return to the ranking since 2012 with a brand value of $198 million and currently ranks 447th position.