The Central Bank revoked the license of the Bank “Legion”

Moscow. July 7. INTERFAX.RU Bank of Russia withdrew the license for banking operations of Bank “Legion” (Moscow), says the message of the Central Bank. License revoked on July 7.

“Main activity “Legion” was to Finance the investment projects implemented in the interests of shareholders. Moreover, the credit institution has carried out activities aimed at evasion from execution of requirements of Supervisory authority about the appropriate evaluation of credit risks taken. The creation of necessary reserves for possible losses on a number of low-quality assets revealed the complete loss of the Bank’s own funds (capital). In addition, the financial situation of a credit institution have significantly worsened in connection with the disappearance of the cashier of the Bank of material values in large volume”, – stated in the message controller.

By order of the Central Bank on 7 July the Bank appointed a temporary administration.

“Legion” – the participant of system of insurance of contributions. Revocation of license is insured in respect of the Bank’s liabilities on household deposits and provides for the payment of compensation to depositors of the Bank, including individual entrepreneurs, in the amount of 100% of the remaining balance, but not more than 1,4 million rubles per depositor.

Bank “Legion” in the I quarter of 2017 took 145 place in terms of assets in ranking “Interfax-100” prepared “Interfax-TSEA”. According to the Bank of Russia, on June 1 of the current year by total assets this credit was ranked 157-th in the Russian banking system.