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Best bank: Alfa Bank 

Best debt house:  
Deutsche Bank

Best equity house:

Renaissance Capital

Best M&A house: Merrill Lynch

Russia is one of the most fiercely competitive banking markets in the central and eastern European region thanks to the continued strength of the domestic economy. State-owned banks such as Sberbank and VTB performed well over the past year as did foreign banks such as Raiffeisen and UniCredit. But Alfa Bank retains its best bank crown as a result of having the best-balanced universal banking franchise. Alfa is a force to be reckoned with right across the retail, corporate and investment banking spectrum, which means it is well placed to take full advantage of the buoyant economic conditions in Russia.

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