NRA Withdraws Legion Bank’s Credit Rating, Assigns Exit Rating Of ‘A-’
OREANDA-NEWS. National Rating Agency has withdrawn its credit rating on Legion JSCB (JSC) due to expiry of the contract. The bank has been assigned an exit rating of ‘A-’. On Apr. 7, 2011, Legion was assigned NRA’s first-time individual credit rating of ‘A-’, which was upgraded subsequently. The latest rating action on Legion (credit rating affirmation at ‘A’) was on Apr/ 3, 2015.
According to its financial statement dated Jan. 1, 2016, Legion Bank has a resilient liquidity position (the liquidity ratios and metrics are comfortably above the regulatory minima, and the low-risk trading portfolio can be used as an additional source of liquidity). NRA also notes the low level of nonperforming loans, combined with adequate collateral-to-customer-loan ratio. The provisioning costs increase (as of Jan. 1, 2016) has affected the bank’s bottom line and capital adequacy ratio.
Legion is a medium-sized bank by assets, owned by a group of individuals, including members of its Board of Directors and Management Board and their business partners. Legion is licensed for a range of banking operations, needed, in line with its strategic business model, to become a universal bank, offering various products and services to corporate entities and individuals with a focus on comprehensive services to small and medium-sized enterprises. Legion has been a member bank of the deposit insurance framework (No. 571) since February 2005. Its regional network includes 11 branches and 35 smaller outlets.
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