PRA Group Expands in German Insolvency Market
(Thomson Reuters ONE) -
NORFOLK, Va., May 18, 2015 (GLOBE NEWSWIRE) -- PRA Group (Nasdaq:PRAA), a global
leader in acquiring defaulted receivables, today announced its expansion into
the German insolvency debt purchase market with the hiring of Dr. Udo Kords, who
was previously the managing director of Max Deutschland GmbH ("MAX"), a
subsidiary of SUBITO AG, and his specialized analytics team which includes
Dennis Flugel, who has worked with Dr. Kords for more than seven years. PRA also
acquired licenses in certain of MAX's intellectual property.
Dr. Kords will serve as the investment director for PRA Group's Insolvency
Investment Services business in Germany, reporting to Andrew Berardi, managing
director for Insolvency Investment Services in the UK.
"Udo and Andrew previously worked together at the investment banking firm Bear
Stearns International, where they built a successful platform to purchase German
consumer insolvencies in 2007. We are very excited to add a new market to our
Insolvency Investment business," said Mike Petit, president, Insolvency
Investment Services, PRA Group.
Alexander Holzgreve, managing director acquisitions Europe for PRA Group, added,
"Building a dedicated consumer insolvency purchasing business will enable us to
provide an enhanced competitive offering to our existing and prospective client
base in the German market."
Dr. Kords will maintain his office in Hamburg and work closely with Dr. Marcel
Kochling, acquisitions director for Central Europe, and Matteo Gervasi,
acquisitions director for Italy and Germany, to cultivate and manage PRA's
client relationships in Germany.
"This transaction is another example of how PRA is leveraging the 2014
acquisitions of Aktiv Kapital and Pamplona's IVA servicing platform to further
expand into new markets and enhance our competitive position," said Steve
Fredrickson, chairman, president and chief executive officer, PRA Group.
About PRA Group
As a global leader in acquiring defaulted receivables, PRA Group (Nasdaq:PRAA)
returns capital to global banks and other creditors to help expand financial
services for consumers in North America and Europe. PRA Group companies
collaborate with customers to help them resolve their debt and provide a broad
range of additional revenue and recovery services to business and government
clients.
PRA has been recognized as one of Fortune's 100 Fastest-Growing Companies for
the past three years and one of Forbes' Best Small Companies in America for
eight consecutive years since 2007. For more information, please visit
www.pragroup.com.
About SUBITO AG
Founded in 1990, the SUBITO Group has established itself as a successful partner
for financial companies, providing software and consulting in the area of credit
and debt management for banks, collection service providers and industrial
companies. For more information, please visit www.Subito.de.
About Forward Looking Statements
Statements made herein which are not historical in nature, including PRA Group's
or its management's intentions, hopes, beliefs, expectations, representations,
projections, plans or predictions of the future, are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
The forward-looking statements in this press release are based upon management's
current beliefs, estimates, assumptions and expectations of PRA Group's future
operations and economic performance, taking into account currently available
information. These statements are not statements of historical fact or
guarantees of future performance, and there can be no assurance that anticipated
events will transpire or that our expectations will prove to be correct.
Forward-looking statements involve risks and uncertainties, some of which are
not currently known to PRA Group. Actual events or results may differ materially
from those expressed or implied in any such forward-looking statements as a
result of various factors, including risk factors and other risks that are
described from time to time in PRA Group's filings with the Securities and
Exchange Commission including but not limited to PRA Group's annual reports on
Form 10-K, its quarterly reports on Form 10-Q and its current reports on Form 8-
K, filed with the Securities and Exchange Commission and available through PRA
Group's website, which contain a detailed discussion of PRA Group's business,
including risks and uncertainties that may affect future results.
Due to such uncertainties and risks, you are cautioned not to place undue
reliance on such forward-looking statements, which speak only as of today.
Information in this press release may be superseded by recent information or
statements, which may be disclosed in later press releases, subsequent filings
with the Securities and Exchange Commission or otherwise. Except as required by
law, PRA assumes no obligation to publicly update or revise its forward-looking
statements contained herein to reflect any change in PRA Group's expectations
with regard thereto or to reflect any change in events, conditions or
circumstances on which any such forward-looking statements are based, in whole
or in part.
CONTACT: Media Contact:
Nancy Porter
Vice President, Corporate Communications
757.431.7950
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: PRA Group via GlobeNewswire
[HUG#1922289]
Datum: 18.05.2015 - 21:02 Uhr
Sprache: Deutsch
News-ID 394110
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Town:
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