First Bank named Most Valuable Nigerian Bank as five Nigerian banks makes World top 500
First Bank Nigeria Limited has been named the most Valuable Banking Brand in Nigeria by The Banker Magazine.
This was contained in a statement released on Sunday by the Country Representative, Nigeria, The Banker magazine, Mr. Kunle Ogedengbe.
With $301m brand value, First Bank ranked 357 on the list of World’s top 500 banking brands, leading GTB which ranked 395 with a brand value of $258m; Zenith Bank ranked 414 with a brand value of $247m; Access Bank ranked 476 with a brand value of $182m; and UBA with a brand value of $172m ranked 487 in the world.
The Top 500 Banking Brands’ is an initiative of The Banker magazine of the Financial Times and Brand Finance, London, United Kingdom.
According to the Chief Executive Officer, Brand Finance, David Haigh, the brand value is the amount a third party will need to pay in using the brand name.
As for the methodology of the ranking, the Editor, The Banker magazine, Brian Caplen, was quoted as saying, “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.”
He noted that the approach was used for two reasons: it is favoured by the tax authorities and the courts because it calculates brand values by reference to documented third-party transactions and it can be done based on publicly available financial information.
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