A new report has listed First Bank of Nigeria Limited, Zenith Bank Plc, Guaranty Trust Bank and Access Bank Plc among the top 500 banks in the world. The United Kingdom-based magazine owned by the Financial Times, The Banker, and Brand Finance in London, in their annual 2015 top 500 banking brands, also ranked First Bank of Nigeria as the number one banking brand in the country for the fourth consecutive time.
According to a statement by the Country Representative of the magazine in Nigeria, Mr. Kunle Ogedengbe, First Bank moves from being number 382 in 2014 to 336 this year.
Zenith Bank moved from 453 in 2014 to 388th position; Guaranty Trust Bank from 422 to 417; while Access Bank made its first entry into the ranking.
The brand value of First Bank has increased to $300m this year from $228 in 2014. According to the Economics Editor of the magazine, Silvia Pavoni, the brand value is “the licensing rate that a third-party would need to pay to use that company’s brand.”
Pavoni also commented on the methodology of the ranking, noting the Brand Finance obtained brand-specific financial and revenue data; modelled the market to identify the demand and the position of individual bank in the context of all other market competitors; established the royalty rate for each bank; calculated the discount rate specific to each bank, taking account of its size, geographical presence, reputation, gearing and brand rating and discounted future royalty stream (explicit forecast and perpetuity periods) to a net present value which is the brand value.
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