PRA Group Appoints Dr. Marcel Köchling as European Investments Officer

Rhea-AI Summary

PRA Group (Nasdaq: PRAA) has appointed Dr. Marcel Köchling as European Investments Officer, effective immediately. Köchling, with over 12 years at PRA Group and a doctorate in business administration, will also remain the managing director of PRA Group Deutschland GmbH. This role was previously held by Owen James, now the Global Investments Officer since April 2023. Köchling was the regional acquisitions director for Central and Southern Europe and has significantly contributed to the nonperforming loans sector. PRA Group's European operations are crucial, comprising over 50% of the company's estimated remaining collections (ERC), with over $2 billion invested across nine European markets in the last five years. Köchling will also join the European Leadership Team.

Positive

• Dr. Marcel Köchling has over 12 years of experience at PRA Group.
• Köchling holds a doctorate in business administration, indicating strong academic credentials.
• PRA Group's European operations account for over 50% of the company's ERC.
• Over the past five years, PRA Group Europe invested more than $2 billion in portfolios across nine European markets.
• Köchling will join the European Leadership Team, enhancing leadership strength.

Negative

• The announcement does not include any new financial data or guidance.
• Potential risks associated with leadership transitions are not addressed.

Seasoned Acquisitions Leader Takes on Expanded Role within PRA Group

NORFOLK, Va., May 21, 2024 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, today announced the appointment of Dr. Marcel Köchling as European Investments Officer, effective immediately. Köchling, who holds a doctorate in business administration, is based in Germany and has been with PRA Group for over 12 years. He will continue as managing director of PRA Group Deutschland GmbH as he assumes leadership of the European acquisition team in the position formerly held by Owen James, who was promoted to Global Investments Officer in April of 2023.

Köchling previously served as regional acquisitions director for Central and Southern Europe and has a proven track record of success in the nonperforming loans industry. PRA Group's European business has become a significant driver of the company's overall performance, accounting for more than 50% of the company's estimated remaining collections (ERC). Over the past five years, PRA Group Europe has invested more than $2 billion in portfolios across nine European markets.

"I am honored to serve in this role at PRA Group as the company continues its impressive growth in Europe," said Köchling. "Being able to work closely with Owen and our multi-national team is exciting as we aim to deliver continued growth by executing a successful European investment strategy."

With his newly broadened role, Köchling will also join the European Leadership Team.

"As part of my leadership role over global investments for PRA Group, I will work closely with Marcel and the team to continue to build on our strong investment track record in Europe and deliver results," said James, who has been working with Köchling since the latter joined the company as part of the Aktiv Kapital acquisition in 2014. "Marcel has played a significant part in our success in Europe, and I look forward to working with him further in his expanded role."

About PRA Group 
As a global leader in acquiring and collecting nonperforming loans, PRA Group, Inc. returns capital to banks and other creditors to help expand financial services for consumers in the Americas, Europe and Australia. With thousands of employees worldwide, PRA Group companies collaborate with customers to help them resolve their debt. For more information, please visit www.pragroup.com. 

Media Contact: 
Elizabeth Kersey 
Senior Vice President, Communications and Public Policy 
757-641-0558
Elizabeth.Kersey@PRAGroup.com 

Investor Contact: 
Najim Mostamand, CFA 
Vice President, Investor Relations 
757-431-7913
IR@PRAGroup.com

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SOURCE PRA Group, Inc.

FAQ

Who is the new European Investments Officer for PRA Group?

Dr. Marcel Köchling is the new European Investments Officer for PRA Group.

What is Dr. Marcel Köchling's background?

Dr. Marcel Köchling has been with PRA Group for over 12 years and holds a doctorate in business administration. He was the regional acquisitions director for Central and Southern Europe.

What percentage of PRA Group's ERC is accounted for by European operations?

Over 50% of PRA Group's estimated remaining collections (ERC) are from European operations.

How much has PRA Group Europe invested in portfolios over the past five years?

PRA Group Europe has invested more than $2 billion in portfolios across nine European markets over the past five years.

When did Owen James become the Global Investments Officer?

Owen James was promoted to Global Investments Officer in April 2023.