Nigerian banks put up a good showing in the current World’s 500 most valuable brands in 2014 by Brand Finance Plc, the World’s leading Brand Valuation Consultancy. First Bank of Nigeria was rated Nigeria’s most valuable bank brand and seventh most valuable in Africa and 382nd globally. The ranking was based on the value of the brands of the organizations, which is a function of industry trends future developments. A release by the organizers said First Bank recorded a brand value of $228 million in 2014, following a 13.44 per cent increase over its $201 million brand value in 2013. Guaranty Trust Bank was ranked 10th in Africa with a brand value of $191 million as against $201 million recorded in 2013. Zenith Bank was ranked 11th most valuable banking brand in Africa with a brand value of $174 million in 2014, an increase of 1.21 per cent over $172 million in 2013.
Standard Bank of South Africa occupies the first position as the most valuable banking brand in Africa with brand value of $ 1.6 billion. The bank gained $ 211 million over its previous year’s valuation. However, it was far from a good outing for other South African banks such as ABSA, Nedbank and First National, which all experienced a decline in their brand values. “Despite Standard Bank’s success, the total brand value of South Africa’s top banks is down 4 per cent to $5.68 million,’’ said Brand Finance Plc.
Togo’s Ecobank was rated Africa’s most valuable bank brand outside South Africa, growing its brand value by 14.51 per cent to a total of $243 million. Banque Populaire of Morocco made the list to bring the total number of African banks on the table to 12. Well’s Fargo occupied number one position in the world with $30billion. HBSC’s brand value now stands at $4 billion and UBS, $3.35billion.
David Haigh, chief executive officer of Brand Finance Plc, said, “Nigerian banks have put in another impressive performance in the Brand Finance Banking 500 this year.’’ He explained that First Bank of Nigeria benefitted from prudent financial management and Nigeria’s economic growth.