Nigeria is a country with an emerging and diversified economy, based on sectors such as oil, agriculture, trade and services. The banking sector is a key driver of this economy, providing financial services to millions of people and businesses.
Among the banks operating in Nigeria, three stand out for their track record, size and reputation: First Bank, Union Bank and GTB Bank. These three banks are the largest in the country in terms of assets and deposits, and offer a wide range of banking products and services, tailored to the needs of their customers and the local context.
First Bank: the oldest and largest bank in Nigeria
First Bank is Nigeria’s oldest and largest bank, founded in 1894 as Bank of British West Africa. The bank is headquartered in Lagos and is part of the FBN Holdings group, which operates in 10 countries in Africa and 3 countries outside the continent.
First Bank offers retail, corporate, investment, international and digital banking services, as well as loans, deposits, credit cards, insurance, leasing and investment funds. The bank is characterized by its solvency, leadership and social responsibility.
First Bank has been recognized as the best bank in Nigeria by Global Finance magazine in 2019 and 2020, and as the best customer service bank in Nigeria by Global Banking and Finance Review magazine in 2019 and 2020. It also ranks first among Nigerian banks and sixth among African banks, according to International Banker’s ranking, with 6.1% growth and $21.3 billion in assets in 2018.
Union Bank: the bank of trust and innovation.
Union Bank is the second oldest and fourth largest bank in Nigeria, founded in 1917 as Colonial Bank. The bank is headquartered in Lagos and is part of the Union Global Partners group, which operates in 8 countries in Africa and 2 countries outside the continent.
Union Bank offers retail, corporate, investment, international and digital banking services, as well as loans, deposits, credit cards, foreign exchange services and money transfer services. The bank is distinguished by trust, innovation and financial inclusion.
Union Bank has been awarded Best Financial Inclusion Bank in Nigeria by The Banker magazine in 2019 and 2020, and Best Transformational Bank in Nigeria by BusinessDay magazine in 2019 and 2020. It also ranks fourth among Nigerian banks and tenth among African banks, according to International Banker’s ranking, with 10.8% growth and $6.7 billion in assets in 2018.
GTB Bank: the most profitable and efficient bank in Nigeria.
GTB Bank is Nigeria’s most profitable and efficient bank, founded in 1990 as a niche banking institution. The bank is headquartered in Lagos and is part of the Guaranty Trust Bank group, which operates in 10 countries in Africa and 3 countries outside the continent.
GTB Bank offers retail, corporate, investment, international and digital banking services, as well as loans, deposits, credit cards, insurance, leasing and mutual funds. The bank stands out for its profitability, efficiency and quality of service.
GTB Bank has been honored as the best digital bank in Nigeria by Euromoney magazine in 2019 and 2020, and as the best foreign trade bank in Nigeria by EMEA Finance magazine in 2019 and 2020. It also ranks second among Nigerian banks and seventh among African banks, according to International Banker’s ranking, with 18.3% growth and $15.7 billion in assets in 2018.
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