Sova Capital Expands Its Presence in EU by Acquiring Poso Bank

Sova Capital, a London-based broker known for its emerging markets capabilities, announced on Monday that it has entered into an agreement to acquire the banking business of Posojilnica Bank eGen (Poso Bank).

The acquisition will give Sova Capital a direct presence in the European Union, giving Sova Capital and its clients additional flexibility in the post-Brexit era. Sova plans to expand its business lines following the transaction, which adds commercial and retail banking to the firm's already robust capabilities in independent investment research, securities trading, electronic and high-touch execution, public capital markets financing, and prime brokerage services.

"This acquisition is a small but significant step toward achieving our long-term strategic vision of becoming a one-stop financial services provider, offering a full range of financial services. The acquisition also expands our presence in the EU following Brexit, opening up new opportunities for the firm and our clients at a critical time," said Sergey Sukhanov, Chief Executive Officer of Sova Capital."

Poso Bank is a member of the Raiffeisen Banking Group of cooperative banks in Austria. The transaction is expected to close by the first quarter of 2021 following approval by the Austrian regulatory authority, the Federal Markets Authority (FMA).