Seoul, Korea: December 14, 2004. It was announced today that the two Deloitte member firms in Korea, Anjin Deloitte LLC. (Anjin) and Deloitte & Touche /Hana (Hana) agreed to merge.

The CEO of both firms, Mr. Yang, Seung Woo from Anjin and Mr. Jae Sool Lee from Hana and other management members today met at the CCMM Building in Yoido and signed the final agreement.

On December 13, 2004, partners of Anjin and Hana held a meeting and approved the merger.

Both firms signed a memorandum of understanding (MOU) in April 2002.  After signing an agreement on the integration schedule in July 2002, the merger will finally be completed, 2 years and 6 months later.  With over 1,100 accountants and other professionals, the combined firm will have more than 1,300 employees – making it clearly the second largest professional services firm in Korea.

Summary of the merger is as follows:

1. Deloitte & Touche LLC (Hana) and Anjin Deloitte LLC. shall proceed with the combination in accordance with the relevant laws and regulations, so that the integration of people and the organizations can be finalized by January 30 2005.
2. The combined firm will be Deloitte Hana/Anjin LLC.
3. Mr. Yang, Seung-Woo will be the CEO/managing partner of the combined firm.

“I am very pleased to see that the combination between Hana and Anjin is nearing completion.  The two firms bring together complimentary expertise which should enhance the service quality to both national and international clients operating in Asia’s fourth largest market. A stronger firm in Korea will be a great asset to the Deloitte network of member firms in the region and globally,” said Deloitte Asia Pacific CEO, Manoj Singh.

“Combining the strengths of both firms – Hana with its multinational clients such as GM, Microsoft, Merrill Lynch, etc. with Anjin Deloitte LLC. and its Korean clients such as Hyundai Motors, Samsung Securities, etc. will create an incredible win-win synergy effect,” predicted Mr. Yang, Seung Woo, Anjin’s CEO. 

“I also believe that a stronger firm will contribute to the vitality of the Korean accounting/consulting market,” he said.

Also commenting on the merger, Hana’s CEO Mr. Lee, Jae-Sool said, “the high quality of our client service will continue. The combination will create a stronger and better firm and enhance service capabilities, which will benefit both our clients and our people.  In line with Deloitte best practices within the region and globally, we will implement effective client and industry programs; a step that supports Deloitte being recognized as the professional services firm with the broadest range of capabilities.”

The press conference lasted for approximately 30 minutes and was held at 11:30 on December 14, 2004 at Woo-Bang Hall, CCMM Building.

About Deloitte & Touche LLC (Hana) / Anjin Deloitte LLC.
Deloitte & Touche LLC (Hana) and Anjin Deloitte LLC. are member firms of the global professional services organisation Deloitte Touche Tohmatsu. We provide our clients with a full array of services such as business consulting and financial advisory as well as audit and tax services, through a number of legal entities, including Deloitte FAS Korea and Deloitte Consulting Korea. Combined, we are the second largest professional services firm in Korea, with nearly 1300 professionals, operating across Korea’s major economic centres. As a member of DTT, we have access to the resources, products and expertise of the Deloitte member firms around the world.