Research company Frank Research Group presented the rating of banks operating in the Russian market of banking services for High Net Worth Individuals according to the results of research “Private Banking in Russia in 2017”.
Resulting from the research LOCKO-Bank’s Private Banking entered TOP 15 best banks of Private Banking in Russia. Participating in the research banks cover 75% of the total Russian market of banking services for High Net Worth Individuals. By estimates of Frank Research Group the actual growth of High Net Worth Individuals funds amounted 15% in 2016 but because of the stronger rouble increased by under 5% from RUB 6.15 trillion in 2015 to RUB 6.25 trillion in 2016 (Accounts, deposits and investment products in banks that carry out banking activities on the territory of Russia, including their foreign platforms, starting from 1 mio USD).
“Russian banking market is changing: intensifying Regulator’s supervision, continuing recall of licenses from even large and stable market players, increasing competition and keeping on consolidation. Private Banking market reacts on such changes most sharply because this refers to big funds. Therefore it’s important to research this segment right now and keep an eye on this market trends”, - commented Yuriy Gribanov, General Director of Frank Research Group.
Frank RG Private Banking Rating is the annual rating of the banks serving Private Banking clients in the Russian Federation. The rating is based on a deep analysis of the most widespread products and proposals offered by market participants to High Net Worth Individuals. For the first time Frank Research Group presented the rating in 2016 in terms of which 19 banks-participants were divided into 2 groups depending on the level of private banking services and private banking & wealth management. This year the rating has become united in the context of eligibility for criteria of private banking “classical’ model based on wealth management services.
About Frank Research Group
Frank Research Group Company is a leading research company in financial services competitive landscape analysis in the Russian market. Frank Research Group has been working in Russia since 2008 and is an expert in the field of retail banking market analysis. Frank Research Group conducts annual researches of the Private Banking market and premium-class banking services and also banks loyalty programs since 2015.