| | The partners of KPMG CIS
(Commonwealth of
Independent States) and
KPMG Turkey have
overwhelmingly voted to
join KPMG Europe LLP
(ELLP) alongside the UK,
Germany, Switzerland,
Spain, Belgium and the
Netherlands.
Partners of KPMG CIS,
which consists of
Russia, Ukraine,
Kyrgyzstan, Kazakhstan,
Armenia and Georgia,
approved the merger
proposal in a vote last
month. The ELLP partners
have now also voted in
favour of the agreement.
As part of the
merger, Andrew Cranston,
senior partner for KPMG
CIS, will join the ELLP
board.
In a separate vote,
the partners of KPMG
Turkey have also decided
to join ELLP. This
agreement has also been
approved by the ELLP
partners.
The combined firm
will have 30,000
partners and staff
working from more than
100 offices – with net
revenues of €4.6bn in
2008.
The decision of the
CIS and Turkey partners | |
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| | to join enhances KPMG's
position as the most
fully integrated
accountancy firm across
Europe.
Rolf Nonnenmacher and
John Griffith-Jones,
joint chairmen of ELLP,
said: “We warmly welcome
the decision of our
colleagues in KPMG CIS
and KPMG Turkey to join
ELLP. We are convinced
that this is a
significant and vital
move towards creating an
integrated firm with the
strength and resources
necessary to compete
effectively in the
changing global economic
environment and we look
forward to further
strengthening our
position as other member
firms join in the near
future.”
KPMG CIS offers the
full range of KPMG
services. Since its
establishment in the
early 1990s, it has
grown rapidly to become
the second biggest firm
in the CIS accounting
markets and has
developed a large client
base, which includes
Lukoil, Rusal and a
number of other Russian
companies operating
globally. In the year to
September 2008 revenues
were €210m.
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Cranston added: “The
merger will increase our
ability to retain and
target major audit
clients, especially
those with international
operations and
ambitions, and to target
the largest advisory
opportunities.
“We also believe that
closer access to and
involvement in
innovation, initiatives
and tools, will enhance
quality and efficiency
across our practice. All
of this will be positive
for our people,
providing additional
development and career
opportunities.”
KPMG Turkey is an
established full service
practice with revenues
of $42m in 2008.
Ferruh Tunc, chairman
and senior partner for
KPMG Turkey, said: “Our
decision to join KPMG
Europe could not come at
a better time. There is
an important change
planned for 2010 which
will require auditor
rotation in Turkey and
this will generate
significant
opportunities for us,
which this merger will
help us to maximise.” | |
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