First Bank Nigeria, FBN, has been ranked as Nigeria’s number one banking brand in 2014. The bank has been so ranked for the third consecutive time. In the top 500 banking
brands ranking of the world, released by The Banker Magazine, Financial Times Group and Brand Finance, United Kingdom, UK, FBN came top amongst Nigerian banks, with
Guaranty Trust Bank and Zenith Bank, coming second and third respectively.
According to the Top 500 Banking Brands report, the valuation of the brand takes into account brand-specific financial and revenue data, market demand and the position of
individual banks in relation to competitors. It also established the royalty rate for each bank, calculated the discount rate specific to each bank, and discounted future royalty
stream to a net present value, that is, the brand value.
First Bank is ranked 382 in the world from 414 last year. Its brand value also increased to $228 million from $201 million from the preceding year.