Zenith Bank Nigeria PLC has just overtaken First Bank PLC as the largest bank in Nigeria.
The data is based on both bank’s financial reports which showed that Zenith Bank’s total asset base is now NGN4.9 trillion compared to FBN Holdings’ NGN4.8 trillion total asset base.
Zenith Bank took over the position with a slight margin and either of FBN Holdings or Zenith might take the lead at by the time they both disclose their financials for the third quarter of the year.
Looking at the data from another angle, Ecobank, registered as Eco Transnational Incorporated, ETI, is the largest financial services group in West Africa and not in Nigeria. This is because of its asset base aggregates all the asset position of its pan-African spread and its other subsidiaries.