Alfa-Banking Group, includes Alfa-Bank Russia, Alfa-Bank Ukraine, banks in the Netherlands, in Belarus and in Kazakhstan as well as representative offices in Cyprus, the United States and in the United Kingdom. Alfa-Bank Russia one of Russias largest private banks, is the Group's flagship company. The Bank provides a full range of corporate, retail and investment banking services, asset management and trade finance, and has a considerable branch network in Russia and has subsidiaries in the Netherlands, Cyprus, the USA and the United Kingdom. Alfa-Bank Ukraine, one of the ten largest and is one of the most dynamic privately-owned banks in Ukraine, operates in all key sectors of the banking sphere. Alfa Capital Management is the Group's asset management arm whose clients include Russian as well as international institutional and private clients. Alfa Capital Partners is the Group's private equity and real estate investment advisory arm. Alfa Group is also the owner of AlfaStrakhovanie Group one of the largest Russian insurers with a diversified portfolio of services comprising both comprehensive business insurance coverage and an extensive range of retail insurance products.

Alfa Group, together with Access Industries/Renova, holds a 50% stake in TNK-BP, one of the largest vertically integrated Russian oil and gas companies (in terms of oil production). In 2009 it controlled daily output in excess of 1.69 million barrels of oil (excuding a 50% interest in Slavneft). TNK-BP operates five refineries in Russia and Ukraine and nearly 1,400 service stations across the two countries.

The Group, through Altimo, has significant investment in cellular communications providers with wide range of wireless, fixed and broadband technologies, including investments in VimpelCom Ltd.  (provides services under the "Beeline" and "Kyivstar" brands, traded on NYSE, symbol: VIP) and MegaFon. Also, the Group invests inTurkcell, a leading GSM operator in Turkey (traded on NYSE and Istanbul Stock Exchange (IMKB)).

The Groups other interests include X5 Retail Group N.V. (traded on LSE, symbol: FIVE), which holds Pyaterochka,one of the largest discount grocery retailers in Russia in terms of sales, Perekrestok, which runs a leading chain of supermarkets in Russia, and Karusel, one of the leading hypermarket chains in Russia; CTC Media, Inc., one of the largest independent commercial television broadcasters in Russia (traded on NASDAQ, symbol: CTCM); A1, a leader in direct investment in the Russian, CIS and other emerging markets, and Rosvodokanal Group, a leading private operator of water supply and sewage in the CIS.

The Group typically focuses on value-oriented, longer-term opportunities, primarily in Russia and the CIS, but also invests in other markets which form part of the Groups strategic business objectives.