Bankers' Magazine Rates Oceanic Bank First In Nigeria
From the seventh position in 2007, Oceanic Bank International Bank Plc has emerged the number one bank in Nigeria, according to a recent financial report from the reputable and widely acclaimed global financial intelligence, The Banker Magazine, a subsidiary of Financial Times of London, in a fresh review of the top 1,000 banks in the World, released last week.
Oceanic, now the fifth best bank in Africa was in the 13th position in the previous year-2007. The Banker said the “rankings are based on the definition of Tier 1 capital as defined by Basel ’s Bank for International Settlements (BIS). According to the report:”
The definition is stricter than total stockholders’ equity and covers only the core of the bank’s strength-the shareholders’ equity available to cover actual or potential losses.
Tier 1 includes common stock, disclosed reserves and retained earnings, and in the case of consolidated accounts, minority interests in the equity of subsidiaries that are less than wholly owned, but excludes cumulative preference shares, revaluation reserves, hidden reserves, subordinated and long-term debt.”