Five Nigerian banks First Bank, Intercontinental, Union, Zenith, and United Bank for Africa (UBA) are now rated among the top 500 in the world in terms of brand value.
The Banker Magazine, a subsidiary of The Financial Times of London, in its February report saw HSBC of the United Kingdom retaining its number one position.
Second is Bank of America, which rose from number three, followed by Wells Fargo also of the United States, which moved up from eight to three.
In the global banking industry research and ratings for 2009, First Bank rated BBB, at number 315 and a brand value of 162 with a total market capitalisation of $4.932 billion.
First Bank led the Nigerian banks, while Intercontinental, rated BBB, listed at number 334, a brand value of 146, with a market share of $1.965 billion, was the second Nigerian bank listed.
Union Bank, rated BB at number 391 and a brand value of 134, has a market capitalisation of $2.070 billion.
Zenith rated BBB, at number 395 and a brand value of 114 has a market capitalisation of $3.224 billion.
UBA was rated BB with a brand value of 93 at number 449 in the world as well as a capitalisation of $2.309 billion.
Nigerian banks made their first showing on the list in 2007 when Intercontinental emerged number 355 and also the fastest growing bank in the world. It rose to 334 last year.
In the current ratings, First Bank is 315, Intercontinental (334), Union Bank, (392) Zenith (395), and UBA (449)
The five banks had emerged as industry leaders consistently since the consolidation introduced by the Central Bank of Nigeria (CBN) in 2004.
The arrival of Nigerian banks on the global benchmark is attributed to the recapitalisation which boosted their strength against global competitors.
The initiative also prompted some of them (such as First Bank, Union, Intercontinental, UBA, Zenith, Access, and Guaranty Trust) to open subsidiaries in London and other African countries.
The consolidation has equally helped Nigerian banks to absorb, to a great extent, the negative effects of the current global financial meltdown.
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