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Seven Nigerian Banks Ranked Amongst World’s Top 1000

According to the Banker Magazine, a publication of the Financial Times of London, seven of the banks in Nigeria have been listed amongst the top 1000 banks in the world, namely Zenith Bank, First Bank, Guaranty Trust Bank, Access Bank, United Bank for Africa, Fidelity Bank, First City Monument Bank and Skye Bank.

The metrics used to determine their ranks involve the banks’ tier1 capital. With this calculation:

-     Zenith topped the list in Nigeria with a tier1 capital of $2.398 billion. Zenith sits at number 7 in Africa and number 322 worldwide.
-    Firstbank closely follows Zenith with a tier1 capital of $2.262 billion. Firstbank sits at number 8 in Africa and number 338 worldwide.
-    GTBank came up third in Nigeria with a tier1 capital of $1.478 billion. GTBank sits at number 11 in Africa and number 455 worldwide.
-    Access Bank’s tier 1 capital or shareholders’ funds is $1.054 billion making it number 4 in Nigeria, number 15 in Africa and number 541 worldwide.
-    UBA is ranked fifth in Nigeria, number 16 in Africa and number 563 worldwide.
-    Fidelity Bank takes position as number 6 bank in Nigeria, 17 in Africa and 618 in the world.
-     And First City Monument Bank (FCMB) followed as the seventh largest bank in Nigeria, number 22 in Africa and number 710 in the world.

Bank of America (BoA) emerged top on the global list with a tier1 capital of $159.232 billion. JP Morgan was second with $150 billion.  Four American and four Chinese banks made the top ten list, with one British and Japanese Bank each also making the first ten.

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