Nairametrics| The Banker Magazine of the Financial Times and Brand Finance, London has released its 2017 global banking rankings with Nigeria’s top 5 banking brands unveiled. 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. According to the magazine these are Nigeria’s top 5 banking brands.
Number 5 (Global rank 495)
UBA – Valued at $172 million
Number 4 (Global rank 475)
Access Bank – Valued at $182 million
Number 3 (Global rank 414)
Zenith Bank – (Valued at $247 million)
Number 2 (Global rank 395)
GT Bank Plc – (Valued at $285 million)
Number 1 (Global rank 357)
First Bank – (Valued at $301 million)
The editor of The Banker, Brian Caplen, while explaining how the rankings were obtained told ThisDay that “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.”
The methodology which involves a 5-step process was selected due to its acceptability by tax and authorities and the courts.
The Industrial and Commercial Bank of China was number one with a brand value of $47.832 billion followed by Wells Fargo of the United States with a brand value of $41.618 million while no African based bank was included in the global top 10.
In Africa, though, only First Bank made the top 10 banking brands in Africa list along with nine others banks from South Africa, Egypt and Morocco.