According to a list compiled by The Banker Magazine, a publication of the Financial Times of London, eight (8) Nigerian banks have ranked among the top 1000 banks in the world. The Nigerian banks are Zenith Bank, First Bank, GTbank, Access Bank, United Bank for Africa, Fidelity bank, First City Monument Bank and Skye Bank.
The banks are ranked according to their tier 1 capital. According to this metric, Zenith Bank is the no. 1 Nigerian bank on the list with a tier 1 capital of $ 2.398 billion (Zenith is no.7 in Africa and #322 Worldwide). Zenith is followed closely by First Bank’s tier 1 capital of $ 2.262 billion (#2 in Nigeria, #8 in Africa and #338 worlwide). GTBank is third with a tier 1 capital of $ 1.478 billion (#3 in Nigeria, #11 in Africa and # 455 worldwide).
Access Bank’s tier 1 capital or shareholders’ funds is $1.054 billion (#4 in Nigeria, #15 in Africa and #541 worldwide). UBA is the fifth largest bank in Nigeria, #16 in Africa and #563 worldwide. Fidelity takes position as the sixth biggest bank in Nigeria, #17 in Africa and #618 in the world while First City Monument Bank becomes the seventh largest bank in Nigeria, #22 in Africa and #710 in the world.
Bank of America emerged #1 on the global list with a tier 1 capital of $159.232 billion, JP Morgan was #2 with $150 billion. Four American and Four Chinese banks made the top ten list, with one British and Japanese Bank apiece also emerging. Meanwhile, all eight of the banks are among Africa’s top 25 according to the list.