Four Nigerian banks - First Bank of Nigeria Plc, GTBank Plc, Zenith Bank and the United Bank for Africa Plc (UBA), had been ranked among the top 500 'World Bank Brands' in the February edition of The Banker magazine of the Financial Times Group, London, United Kingdom.
A statement made available to THISDAY, said First Bank was ranked as the number one bank brand in Nigeria and followed by other commercial banks mentioned earlier in that order.
According to the statement, apart from the four, no other Nigerian bank made the ranking.
The ranking was done by Brand Finance Plc - a brand valuation consultancy with support for business needs in different areas including technical valuations for accounting, tax and legal purposes.
According to the report, First Bank had the highest brand value in the country, at $170 million and was closely followed by GTBank with $169 million.
It also said that Zenith Bank had a brand value of $147 million while the UBA had brand value of $121 million.
It explained: "The banks' brands also do Nigeria proud as the country is among the World's Top 50 by Total Brand Value by Country. Nigeria leads the continent outside of Southern Africa. South Africa has a total brand value of $8,207 million followed by Nigeria's $607 million with Morocco completing the Africa representation with $463 million. In the top 500 World Bank Brands 2012, South Africa has ten banks, Nigeria has four banks and Morocco has two banks.
"Total global bank brand value is $746,752 million dollars with Africa contributing $16,283 million representing 2.18 per cent of the world's total brand value."
Chief Executive Officer, Brand Finance, Mr. David Haigh, said the financial crisis "has thrown up the issue of the brands' origin" and that "the ones that have maintained their reputation can be characterized by country."
Related stories: Sixteen local banks in Africa's top 100