| | KPMG's member firm in
Switzerland has voted to
join KPMG in the UK and
Germany as part of the
merger which will create
Europe's largest
accountancy firm. The
new single entity will
be a member firm of KPMG
International, the
global network of
professional service
firms providing audit,
tax and advisory
services.
The combined firm
will have 18,000
partners and staff
working from 57 offices
across the UK, Germany
and Switzerland – with
revenues in excess of
£2.4bn (€3.5bn) in the
current year. The new
firm will be a new UK
registered LLP, with its
head office in
Frankfurt.
Partners of KPMG
Switzerland approved the
merger proposal at their
meeting in Zurich
yesterday. The Swiss
vote is subject to | |
|
| | approval from the new
Swiss Federal Audit
Oversight Board,
expected by the spring
of 2008.
The Swiss partners'
vote is the latest stage
in creating a fully
integrated KPMG member
firm in Europe. The
ambition is that other
KPMG member firms in
Europe will merge into
the new entity. The new
firm will be chaired
jointly by John
Griffith-Jones,
currently chairman of
KPMG LLP (UK), and Prof.
Rolf Nonnenmacher,
currently chairman of
the Managing Board, KPMG
Deutsche
Treuhand-Gesellschaft
AG.
In a combined
statement, they said:
"We warmly welcome the
decision of our
colleagues in
Switzerland to join the
KPMG merger in Europe,
and are delighted that
they wish to become part | |
|
| | of our ambition to
create the most
successful professional
services firm in Europe,
for the benefit of both
our clients and our
people."
Hubert Achermann,
chief executive of KPMG
Switzerland, said: "This
merger means we will
increase our market
capability in
Switzerland – which will
bring real benefits to
our clients, by setting
new standards in tax
consulting and financial
corporate management.
There is a tight labour
market in professional
services, and I believe
this merger will give
KPMG a competitive
advantage by opening up
exciting prospects for
talented and qualified
auditors and advisors in
Europe."
It is expected that a
broader base of clients
and increased investment
capability will greatly
benefit growth across a | |
|
| | number of areas of the
combined firm.
● The merger reflects
the increasing
international importance
of the European capital
markets – and the need
to support the growing
number of companies that
choose to list on
European exchanges. The
new firm will represent
a strong voice for
European business on
regulation and other key
issues that affect the
audit and accountancy
profession – and its
vital role in support of
the global capital
markets.
● The new firm will
be structured to meet
the changing demands of
clients who require a
seamless audit, tax and
advisory service on a
pan-European basis. With
a single leadership team
and a powerful
professional capability
in one broader resource | |
|
| | pool, the new firm will
be able to invest more,
and get more from that
investment by working as
one – developing new
solutions and techniques
more quickly and
efficiently.
● The new firm will
aim to recruit and
retain the best talent,
creating a training
ground for the European
business leaders of the
future. It will offer
integrated European
graduate and other
training schemes, and
aim to create a culture
in which employees will
be offered new
international
opportunities, a
compelling future, and a
wide variety of
cross-border challenges
and experiences.
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