First Bank of Nigeria moved up the global banking ranks at 320 in the 2016 top 500 banking brands ranking according reports published by the Banker Magazine of Financial Times Group.
The bank retained its number one position in Nigeria for the fifth consecutive year and at the same time moved up the ranks 16 places from its previous 336th position in 2015.
According to Kunle Ogedengbe, the Nigerian representative of the Banker Magazine, three other Nigerian banks also made the rankings notably: Guaranty Trust Bank which moved to 389th position, Zenith Bank at 392nd, and United Bank for Africa at the 447th position.
Access Bank that made the ranking at 496th position in 2015 dropped from the 2016 ranking.
According to The Banker magazine, Nigeria has the highest brand value increase of $249m among the five countries in Africa that made the ranking.
Egypt moved up by $239m; Togo gained $134m while South Africa and Morocco lost $878mn and $213m.
The top 10 banks in the world are Well Fargo (USA); ICBC (China); China Construction Bank; Agricultural Bank of China; Chase (USA); Bank of China; Bank of America; Citi (USA); HSBC (UK); and Barclays (UK).
