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15 Best Banks for Russian Millionaires
August 29, 2020 15:16


What banks in Russia and abroad provide the best conditions for wealthy Russians? Forbes presents a new ranking of the best banks for millionaires.

During the pandemic, Russian private banks observed an increased interest of wealthy clients in investment products - people with financial capital of $ 1 million or more were in a hurry to seize the opportunity and buy assets that had fallen in price.

Like last year, Forbes asked banks to disclose the number of clients with financial assets of $ 1 million or more.

This year there were 76,000 of them in all banks. Almost half of them - 40,000 people - are clients of the first five participants in our rating. The most massive bank for millionaires is VTB, it has over 20,000 such clients. VTB also has the largest assets under private banking management - 2.3 trillion rubles. No other member of the rating has private banking assets in trillions, and clients in tens of thousands. It is not surprising that VTB took first place in the ranking.

Sberbank Private Banking takes the second place - in this segment its assets are less than those of VTB. Gazprombank, which this year took 4th place in the rating, has the most favorable conditions for deposits among all those studied by Forbes. This year Forbes decided to publish not five, but ten best banks, which makes it possible for smaller banks to participate in the rating, thus FC Otkritie and Promsvyazbank got into it.

To compile the rating, Forbes interviewed more than 30 representatives of banks and the financial industry and selected 15 best players.

The rating score for Russian banks by 20% depends on the number of votes cast by market participants for a particular nominee, 20% - on the assessment of Frank RG analysts who annually analyze the private banking market in Russia. Another 60% of the result depends on the following indicators: assets, international ratings, the number of clients and offices, deposit rates. The final rating number was calculated using the weighting coefficient method, the maximum rating is 100 points. The rating score for foreign banks is 50% dependent on the number of votes cast by Russian bankers and family offices, 50% - on the position in the Euromoney rating.

Top 10 best Russian banks according to Forbes:

1) Private Banking VTB (88.9 points out of 100),
2) Sberbank Private Banking (73.8),
3) A-club (69),
4) Gazprombank Private Banking (67.6),
5) Friedrich Wilhelm Raiffeisen (51.3),
6-7) Citigold Private Client (49.8),
6-7) "Opening" Private Banking (49.8),
8) Rosbank L'Hermitage Private Banking (48.1),
9) UniCredit Private Banking Russia (46.1),
10) PSB Private Banking (40.6).

Top 5 best foreign banks:

1) Credit Suisse (94.4),
2) UBS (92.9),
3) Julius Baer (67,1),
4) JP Morgan (56.7),
5) Pictet (34.5).

Author: Anna Dorozhkina

Tags: Russian banks Russian oligarchs    

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