Michael Eboh
8 October 2009
First Bank of Nigeria Plc was, Tuesday, rewarded for its innovativeness and commitment to the development of the Nigerian economy and for its contributions to the growth of the global economy, with three awards in Istanbul, Turkey.
The three awards bestowed on Nigeria's premier bank by Global Finance yesterday, are "Best Trade Finance Bank, Best Foreign Exchange Providers and the Best Domestic Bank". In attendance at the event were presidents, chief executive officers and directors from some of the world's best banks - HSBC, Santander, Standard Chartered, Standard Bank, Bank of New York Mellon, Credit Suisse - to name just a few.
According to the awards organisers, winners are selected based on a poll conducted by Global Finance, the international financial publication based in New York, with input from industry analysts, corporate executives, banking consultants and technology experts in several countries. FirstBank emerged winner amongst the 24 banks in Nigeria in the three different categories.
Among the criteria for choosing the winners, which ranged from objective to informed subjective, are growth in assets, profitability, strategic relationships, geographical reach, new business development, product innovativeness. These are complemented by opinions of equity and credit-rating analysts, banking consultants and other influencers in the industry, as well as corporate financial executives. President & Publisher of Global Finance, Mr. Joseph Giarraputo asserted that "The winners are not neccessarily the biggest banks but rather, the best banks - those with qualities that corporations should look for when choosing a bank.
These are banks with effective risk-management systems, excellent service and good corporate governance."
Celine Loader, Chief Marketing & Communications officer of First Bank, received the award on behalf of the bank.
First Bank had won same awards last year during the 2008 IMF/World Bank meetings in Washington DC.
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