The mention of First Bank of Nigeria Plc and two other Nigerian banks in the World Banking Brands Ranking, released by the Banker Magazine of the Financial Times of London group and Brand Finance, is a signal of the strength of Nigerian banks and stability in the Nigerian banking sector in the global financial community.
In the recent ranking released, three Nigerian banks appeared in the top 500 ranking, with a combined brand value of $574 million (N90.7 billion), out of the total global banking brand value of $860.7 billion.
First Bank leads the pack in Nigeria with a brand value of $201 million while the totality of the value of the three Nigerian banks that made the Top 500 World Banking Brands is $574 million and they collectively do the country proud as the country is among the World’s Top 50 by Total Brand Value.
To this end, First Bank is the number one banking brand in Nigeria and 414th in the world, with a brand value of $201 million, followed by Guaranty Trust Bank number ranked 415 whereas Zenith Bank is ranked 454.
Key factors that accounted for First Bank’s ranking is its compelling reputation for stability and growth over its 118-year history coupled with balance sheet strength, strong liquidity/cash position, wide and strategic branch network, robust retail market share puts the bank on a sound footing among competitors.
The bank is one of the market leaders and it has preserved its heritage by guaranteeing superior and sustainable returns to its shareholders, instilling continuous confidence in its customers, supporting growth of its operating communities and keeping to the corporate governance rules.