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VENTURES AFRICA – As Nigeria continues to chart the economic growth course, International financial affairs publication The Banker has named three Nigerian banks on its latest Brand Finance Banking 500 ranking.
First Bank of Nigeria ranked 382nd, 32 places better than its 414th position last year, with increased brand value of $228 million from last year’s value of $201 million.
Zenith Bank also improved on its 454th position last year, ranking 453rd on this year’s list. Guaranty Trust Bank however dropped 8 places ranking 422nd from its 414th position last year, according to a release by The Banker’s Nigeria Country Representative, Kunle Ogedengbe.
No other Nigerian bank made the ranking published in the February edition of the magazine.
The Banker’s Africa Editor, Mr. Paul Wallace said brand value of Nigerian banks increased by three percent to $593 million, which made Nigeria to be among the Top 50 countries of the world by total brand value.
Although there are other ways of calculating brand value, Brand Finance used the royalty relief method, which values the brand based on what would be paid to use the brand if it were owned by a third party, the Top 500 Banking Brands report indicated, adding that the method is recognised by courts and tax authorities.
US bank Wells Fargo topped the list after coming second in last year’s ranking.
Other top financial institutions icnluding HSBC (UK) Bank of America, Citi, JP Morgan Chase (all from USA), ICBC (China), BNP Paribas (France), Santander (Spain), China Construction Bank and Agricultural Bank of China follow Wells Fargo on the Brand Finance Banking 500 ranking.