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 National Rating Agency has withdrawn its credit rating on Legion JSCB (JSC) due to expiry of the contract.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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While NRA has obtained information from sources it believes to be reliable, NRA does not guarantee that this information is perfectly correct, complete and accurate, as it does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.