First Bank of Nigeria Ltd and four other Nigerian banks have been named among ‘The Top 500 Banking Brands of Banker magazine of the Financial Times and Brand Finance London.
According to the report, First Bank of Nigeria Ltd was named the most valuable banking brand in Nigeria.
In a press statement by Kunle Ogedengbe the country representative of The Banker magazine, First Bank of Nigeria Ltd leads four other Nigerian banks in the global ranking.
With a $301 million brand value, First Bank of Nigeria Ltd ranked 357, followed by Guaranty Trust Bank Plc, which was ranked 395 with a brand value of $258 million; Zenith Bank Plc was ranked 414 with a brand value of $247 million; Access Bank Plc was in 476th place with a brand value of $182 million and United Bank for Africa Plc with a brand value of $172 million ranked 487 in the world.
According to the chief executive of Brand Finance, David Haigh, the brand value is the amount a third party will need to pay in using the brand name.
Explaining the methodology for the ranking, the editor of The Banker, Brian Caplen said: “Brand Finance employs a discounted cash flow technique to discount estimated future royalties at an appropriate rate to arrive at a net present value of a bank’s trademark and associated intellectual property – its brand value.”
First Bank is the only Nigerian bank in the top 10 banking brands in Africa along with nine other banks from South Africa, Egypt and Morocco.