Alfa Bank announced on Friday that it was named the top institution for private banking by Frank Research Group in the Russian Federation.

Secret shoppers were utilized by the group in order to determine the quality of services and the capabilities of 16 banks in Russia.

Key factors for the determination of the rankings were the services provided by the bank, service to customers and the counseling of potential clients with the bank. A significant factor was each bank's ability to provide individualized solutions during the meeting between managers and secret shoppers. 

"The success of mutually beneficial cooperation always depends on the understanding of each other; this rule works for banks that cannot delve into the needs and motivations of customers if they want to be their main bank," Elena Lisitsyn, Alfa Bank's director for wealthy clients, said. "Today, customers are in particular need of strong expertise and high-speed performance."