| | 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
to join enhances KPMG's | |
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| | 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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