Bank FK Otkrytiye : Otkritie Private Banking has been ranked among the Top 5 banks in the Russian private banking market for 2017

Otkritie Private Banking has been ranked among the Top 5 banks in the Russian private banking market for 2017, and has also been awarded the Best Portfolio of Investment Ideas for 2017 by Frank Research Group.

Frank Research Group ranked banks serving private banking clients in Russia on the basis of the findings of its Private Banking in Russia, 2017 research report. The list includes 17 banks accounting for 75% of the total Russian private banking market.

"Otkritie Private Banking is in top 5; and we are pleased with the result. We also take particular pride in the award for Best Portfolio of Investment Ideas. This is a well-deserved acknowledgement of Otkritie's success and a clear recognition by the market of the exemplary quality of our latest products and achievements," commented Alina Nazarova, Otkritie's Managing Director for Private Banking. "Innovative ideas and smart, personalised solutions are the future of the banking business. We look optimistically towards such a future, because we know how to make it the most comfortable for our clients. We work in all segments of the private banking market, offering banking and investment services, asset management solutions, and legal and tax advice."

According to Frank Research Group estimates, in 2017, funds raised from private banking clients increased by 15%; however, due to the strengthening of the rouble, in rouble terms, these funds grew by less than 5%, from RUB 6.15 trillion in 2015 to RUB 6.25 trillion in 2016 (this estimate takes into account client assets of USD 1 million and over placed in accounts, deposits and investment products of banks operating in Russia, including foreign banks).

"The Russian banking market is changing: the regulator is strengthening its oversight, banking licenses are being revoked even from major and seemingly stable market players, competition is growing and consolidation continues. The private banking market feels has a particularly acute reaction to these changes as the market involves large amounts of capital; for this reason, it is important to take a closer look at this segment now, keeping an eye on trends in the sector," noted Yuri Gribanov, CEO of Frank Research Group.