For the sixth consecutive time, First Bank of Nigeria has been named 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.
First Bank is the only Nigerian bank in the top 10 banking brands in Africa along with nine others banks from South Africa, Egypt and Morocco.
In a press statement on Sunday by the country representative (Nigeria) of The Banker magazine, Kunle Ogedengbe, First Bank leads four other Nigerian banks in the global ranking.
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 cashflow 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.