Content area
Full text
Deloitte, a leading professional accounting services firm, signed a merger agreement on Saturday with leading Chinese accounting firm, Beijing Pan-China CPA Ltd. The move is key to Deloitte's plan to strengthen its foothold in China's fast- developing market.
The landmark deal, Deloitte's first-ever merger on the Chinese mainland, is seen as a significant move in line with Deloitte's China strategy to develop a domestic professional services firm, which will eventually become a strong and significant player in the global market.
The integration process will begin on June 1, and includes adding the clients and employees of Beijing Pan-China to Deloitte China, said officials from both companies.
It is expected to take three to six months to complete all the merger process, said James Chen, managing partner at Beijing Pan- China.
"It is a key step forward in our goal to form a stronger firm by merging with Pan China. It enables us to better serve the growing Chinese market and to be recognized as a localized professional services firm by our clients and the market," said Peter Bowie, chief executive officer of Deloitte China.
The announcement comes at a time when the Chinese economy continues to experience rapid growth and domestic firms are accelerating their pace of internationalization, providing immense opportunities...