The emerging markets once again provided the biggest movers in 2008's Top 1000 bank rankings, with 79 banks moving 100 places or more. At first and second place were Nigerian banks. Oceanic Bank leaped a staggering 565 places up the rankings from 875 in last year's rankings to 310 in 2008. The bank's Tier 1 capital exploded from a meagre $297m to $1.75bn. United Bank for Africa also made spectacular strides, jumping 484 places to 392, with a growth in Tier 1 capital from $296m to $1.25bn. A third Nigerian bank, Guaranty Trust Bank, also made it into the Top 10 in 2008. It registered Tier 1 capital of $1.38bn, up from $406bn last year, and soared 371 places in the rankings to 369. Nigerian banks' phenomenal growth was triggered by laws passed in 2005 setting a minimum capital requirement of about N25bn ($195m). The legislation was followed by a consolidation of the banking sector from 89 banks in 2005 to 24 banks today. Two eastern European banks made it into the Top 10 highest movers. Ukraine's PrivatBank climbed 403 places to 448, on the back of Tier 1 capital growth of $701m. Russia's URSA bank also saw strong growth. Its Tier 1 capital leaped from $324m in 2007 to 905m in 2008, propelling it up the table by 345 places to 487.
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