| Deloitte buys Chinese accounting firm |
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| Tuesday,March 22,2005 Posted: 10:45 BJT(0245 GMT) |
BEIJING, March. 22 -- Deloitte Touche Tohmatsu, the world's second-largest accounting firm, has agreed to acquire Beijing Pan-China CPA, its first takeover in China, as part of plans to boost revenue from the country as much as fivefold in the next five years.
The U.S. firm would take over clients and employees of the Chinese firm from June 1, Deloitte said.
Deloitte and global rivals such as PricewaterhouseCoopers and KPMG International are expanding in China as economic growth and development of the nation's financial markets spur demand for accounting services.
New York-based Deloitte plans to invest US$150 million in China in the next five years.
Deloitte, which employs about 3,200 people in 10 Chinese cities, was also aiming to expand its workforce fivefold in the next five years, said Peter Bowie, Deloitte's China chief executive.
The firm's China revenue totaled 376 million yuan (US$47 million) in 2003, behind PricewaterhouseCoopers with 902 million yuan and KPMG with 421.8 million yuan, according to figures from the Chinese Institute of Chartered Public Accountants. Ernst & Young ranked fourth with 329 million yuan.
(Source: Shenzhen Daily/Agencies)
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