Again, First Bank Stands Tall, Named Most Valuable Banking Brand In Nigeria

Related stories

Tinubu Departs Saint Lucia, Heads to Brazil for BRICS Summit

By Abiola Olawale President Bola Ahmed Tinubu departed Saint Lucia...

2027: Drama, Intrigues as Julius Abure Tells Otti to Quit Labour Party

By Abiola Olawale In a dramatic turn of events, Barrister...

FG Secures $100m for Lagos-Calabar Project from ECOWAS Bank

By Abiola Olawale The Nigerian government has reportedly secured a...

Ex- Arsenal Star Thomas Partey Faces Rape, Sexual Assault Charges in UK

By Abiola Olawale The Metropolitan Police have formally charged former...

Edwin Cortes: Prefers Being A Small Puerto Rican Than Big American

By Owei Lakemfa To be a citizen of the United...

It is indeed great times for First Bank of Nigeria Limited as one of The Leading Deposit Money Bank (DMB) has lived true to its name by been named as the most valuable banking brand in Nigeria in the Top 500 Banking Brands of The Banker magazine of the Financial Times and Brand Finance, London, United Kingdom for the sixth consecutive time.

First Bank is also the only Nigerian bank in the top 10 banking brands in Africa, along with nine other banks from South Africa, Egypt and Morocco.

According to the Chief Executive, Brand Finance, David Haigh, the brand value is the amount a third party will need to pay in using the brand name.

A press release issued on Sunday by the Country Representative, Nigeria, The Banker magazine, Kunle Ogedengbe, First Bank leads four other Nigerian banks in the global ranking.

With $301 million brand value, First Bank ranked 357 led Guaranty Trust Bank ranked 395 with a brand value of $258 million, and Zenith Bank 414 with a brand value of $247 million. Access Bank followed at 476 with a brand value of $182 million and the United Bank for Africa (UBA) with a brand value of $172 million ranked 487 in the world.

Explaining the methodology of the ranking, the Editor, The Banker, Brian Caplen, said: “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.”

Caplen stressed that the process involved five steps of obtaining brand-specific financial and revenue data; modelling the market to identify market demand and the position of individual banks in the context of all other market competitors. It will also establish the royalty rate for each bank; calculate the discounted rate specific to each bank, taking account of its size, geographical presence, reputation, gearing and brand rating; and discount future royalty stream (explicit forecast and perpetuity periods) to a net present value – the brand value.

He noted that the approach is used for two reasons: it is favoured by the tax authorities and the courts because it calculates brand values by reference to documented third-party transactions, and it can be done based on publicly available financial information.

The top 10 banking brands ranking in the world are shared by four countries: China and United States of America with four each while United Kingdom and Spain have one each.

The remaining eight banks in the top ten are China Construction Bank, Chase (JP Morgan & Co of the USA), Bank of China, Bank of America, Agricultural Bank of China, Citibank (USA), HSBC (UK), and Satander (Spain) noted Macknight.

In the top 50 countries in the world, only four African countries made the list. These are South Africa (26), Nigeria (42), Egypt (46) and Morocco (47).

Business Editor, Lekan Okeowo
Business Editor, Lekan Okeowo
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
Tinubu Departs Saint Lucia, Heads to Brazil for BRICS Summit2027: Drama, Intrigues as Julius Abure Tells Otti to Quit Labour PartyFG Secures $100m for Lagos-Calabar Project from ECOWAS BankEx- Arsenal Star Thomas Partey Faces Rape, Sexual Assault Charges in UKEdwin Cortes: Prefers Being A Small Puerto Rican Than Big AmericanJune 12 And The International Pursuit of Justice For Abiola, By Femi FalanaBreaking Down the West’s $146 Billion 2024 Defence Technology InvestmentG7 vs. the World: GDP, Population, and Military StrengthUS drillers cut oil and gas rigs for 10th week in a row, Baker Hughes saysExclusive! Tinubu Tips Late Ajimobi's Wife, Florence, Others for Ambassadorial PostsTinubu Mourns, Pays Tribute to Legendary Super Eagles Goalkeeper Peter RufaiNatasha vs Akpabio: Court Orders Senate President To Recall Senator NatashaHadi Sirika Denies Defection to ADC Coalition Rumors, Reaffirms Loyalty to Buhari, APCChina Snubs U.S. Crude for Third Month, Even as Ethane Trade RestartsHow Super Eagles Icon Peter Rufai passed Away at 61
X whatsapp