First Bank, GTBank and Zenith Named Among World’s Most Valuable 500 Banks

Three Nigerian commercial banks – First Bank Plc, Guaranty Trust  Bank Plc, and Zenith Bank Plc – have been named among the World’s 500 Most Valuable Bank Brands in 2014 global rankings. The listing was done by Brand Finance Plc’s The Banker/Brand Finance Banking 500 annual study, which is the World’s leading Brand Valuation Consultancy. First Bank was ranked as the seventh most valuable bank brand in Africa and 382nd globally. Guaranty Trust Bank was ranked 10th on the African ladder, and Zenith Bank made 11th Africa’s most valuable brand. The rankings are based on the Worlds’ biggest banks’ brand value with the results reflecting industry trends and indication of future developments. The study explained that in 2014, First Bank recorded a brand value of US$228 million, following a 13.44 per cent increase over its US $201 million brand value by ranking in 2013. Guaranty Trust Bank recorded a brand value of US$191 million, declining by nearly 5 per cent compared to its brand value of US$201 million recorded in 2013, and Zenith Bank recorded a brand value of US$174 million in 2014, representing a marginal increase of 1.21 per cent over US$172 million it recorded in 2013. The Chief Executive Officer, Brand Finance Plc, David Haigh, said, “Nigerian banks have put in another impressive performance in the Brand Finance Banking 500 this year’’ He said First Bank of Nigeria Plc has benefited from prudent financial management and Nigeria’s economic growth. “However,” he continued, “the most important factor has been an understanding that banks must prioritize their intangible assets, measuring, monitoring and managing their brands to achieve sustainable growth and maximize value.’’ Country Representative, Brand Finance Plc, Babatunde Odumeru was impressed with Nigerian Banks that made it into the rankings. He added, “Nigerian banks really need to do more in channeling their orientation towards managing and exploiting their intangible assets which are fast becoming the key driver of their business.” Standard Bank of South Africa holds its position as Africa’s most valuable banking brand. The Bank recorded a brand value growth of over 15 per cent which took its total value to nearly US$ 1.6 billion. Globally, Well’s Fargo held its position as the World’s most valuable banking brand with a total brand value of over US$30billion. HBSC’s brand value has grown by US$4 billion, while UBS is up US$3.35 billion, a 46 per cent increase.