RCB Investimentos Partners With PRA GroupSÃO PAULO, Brazil, Aug. 26, 2015-- RCB Investimentos, the leading master servicing platform for non-performing loans in Brazil, announced its partnership with PRA Group (Nasdaq:PRAA), a global leader in acquiring non-performing loans in the Americas and Europe.
PRA Group purchased a majority position in RCB in early August. RCB founders Alexandre Nobre and Renato Toledo will continue to manage the company's local business in Brazil with the ultimate goal of increased market participation. This transaction promotes the long-term vision of RCB in Brazil and provides PRA with a strategic partner for entry into the large and thriving Brazilian distressed loan sale market.
"This partnership strengthens RCB's position in the Brazilian market as a major independent solution provider," said Alexandre Nobre, chief executive officer, RCB Investimentos. "With a stronger capital base, RCB will be even more competitive when bidding for its clients' sale offerings, leveraging PRA's proven experience as an efficient and highly compliant international collection resource."
Added Steve Fredrickson, chairman and chief executive officer, PRA Group: "We see Brazil as a significant long-term growth opportunity. In RCB, we have what we view as the best underwriter and master servicer in the country run by a fantastic management team. We are very excited to continue diversifying geographically and work with Alexandre Nobre and Renato Toledo to further develop RCB."
About RCB Investimentos
RCB Investimentos is the leading master servicing platform for non-performing loans in Brazil. The firm specializes in structuring, investing and operating receivable and credit-related assets. The mission is to be an indispensable agent within the credit cycle, aggregating the highest efficiency and technological innovation in managing and operating receivables and credit assets.
RCB has invested in and operated over R$16 billion in face value of assets since its founding, including performing, sub-performing and non-performing portfolios of consumer receivables, auto loans, SME loans, real estate-backed assets, and corporate loan pools.
About PRA Group
As a global leader in acquiring non-performing loans, PRA Group (Nasdaq:PRAA) returns capital to global banks and other creditors to help expand financial services for consumers in the Americas 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.
CONTACT: News Media Contacts:
Alexandre Nobre
Chief Executive Officer, RCB Investimentos
+ 55 11 3016-3280
anobre@rcbinv.com.br
Nancy Porter
Vice President, Corporate Communications
PRA Group
(757) 431-7950
NAPorter@PRAGroup.com
Ederaldo Kosa
Chief Executive Officer
Linhas Comunicacão (PR Agency - RCB Investimentos)
+ 55 11 34655888
ekosa@linhascomunicacao.com.br
Investor Contact:
Darby Schoenfeld
Director of Investor Relations
(757) 431-7913
DCSchoenfeld@PRAGroup.com