The Banker magazine of the Financial Times and Brand Finance, London has rated again First Bank of Nigeria as the most valuable banking brand in the country for the sixth consecutive years.
First Bank leads 4 other Nigerian banks named among the top 500 global banking brands. The other banks are Guaranty Trust Bank Plc (GTBank), Zenith Bank Plc, Access Bank Plc and United Bank for Africa (UBA) Plc.
With $301 million brand value, First Bank is ranked 357, and leads Guaranty Trust Bank ranked 395 with a brand value of $258 million, Zenith Bank ranked 414 with a brand value of $247 million, Access Bank ranked 476 with a brand value of $182 million and the United Bank for Africa 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.
“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,” Brian Caplen, the editor of The Banker, said.
In another bank related story, the combined value of Chinese banks has surpassed that of US banks for the first time as they emerged as global leaders by asset base as well as brand value.
Industrial and Commercial Bank of China is the world’s most valuable bank, with a brand value worth USD 47.8 billion, representing a 32 per cent year-on-year growth.
