Four Nigerian banks have made the Top 500 Banking Brands for the year 2016.
According to the 2016 Top 500 banking brands ranking published in the February edition of The Banker magazine, Financial Times Group in conjunction with Brand Finance, London, United Kingdom, First Bank moved up the scale in 16 places. The bank moved from 336th position in 2015 to 320 this year.
A press release from the Country Representative of The Banker magazine in Nigeria, Mr. Kunle Ogedengbe, added that three other Nigerian banks also made the ranking. They are Guaranty Trust Bank which moved to 389 in the world from 417 in 2015, Zenith Bank that dropped from 388 in 2015 to 392 in 2016, and United Bank for Africa that returned to the ranking in 447. Access Bank that made the ranking at 496 in 2015 dropped from the 2016 ranking.
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.
Of the five countries in Africa that made the ranking, Nigeria has 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.
Globally, 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 ten. Wells Fargo’s brand value for 2016 is $44.1billion from $34.9 billion in 2015.