Contact: Madonna Jarrett
Deloitte Touche Tohmatsu
Director, Global Public Relations
+1 212 492 3738
Seoul, August 29 — William G. Parrett, CEO Deloitte Touche Tohmatsu today (DTT) announced in Korea the name of a strengthened Deloitte member firm — Deloitte Anjin LLC, the result of a recent transaction between Deloitte Hana and Anjin LLC. At the same time he officially celebrated the new firm opening at a reception attended by 500 global and regional Deloitte leaders, clients, government officials and the media.
Mr. Parrett said, "After the merger Deloitte Anjin LLC is now the second largest accounting firm in South Korea. The firm has size and scale to service not only large national companies, but the operations of global multi-nationals with operations in Korea.
"I congratulate Mr. S. W. Yang (former CEO Anjin) and Mr. Jae Sool Lee (former CEO Deloitte Hana) for making this merger a success and ensuring the needs of the firm’s clients and the development of its people were not disrupted."
The Korea merger follows similar transactions in other strategic markets in Asia including China and India. Earlier this year, Deloitte China merged with Beijing Pan-China CPA and, in December 2004 A.F Ferguson joined the Deloitte member firm in India. These mergers are key achievements in Deloitte's ambitious Asia Pacific growth plans.
Mr. Parrett said, "Asia Pacific is a priority region for the member firms of DTT. Almost 15 percent of the global aggregate member firm revenues come from the region and over the next five years, this is expected to increase to at least 25%. Under the leadership of regional CEO Manoj Singh and the contribution of quality firms like Deloitte Anjin, I am confident this potential can be realised."
In June 2005, at its Annual World Meeting, DTT the global professional services organization announced preliminary aggregate member firms revenue of US$18.2 billion.
Mr. Seung Woo Yang, Managing Partner and CEO of Deloitte Anjin LLC said, "Through the merger Deloitte Korea has expanded its expertise and service offering. With our well equipped team and continued strong economic growth, I expect double-digit growth over the next fiscal year and to increase the Deloitte Anjin team by more than 12 percent.
"Any merger is difficult for all involved and I congratulate our people for their patience, and openness in embracing each other," Mr. Yang said. He continued, "The merger has helped position Deloitte Anjin as an employer of choice within Korea. The integration of people with complimentary expertise and skills has meant stronger learning and professional development opportunities for our people — an important requirement to retain and attract the best people."
While in Korea Mr. Parrett met with business leaders and government officials. When asked for his views on the Korean economy, particularly given the growth of China and India, and the concerns of some within the Korea about the enormous expansion of its neighbors, Mr. Parrett said, "The prospects for Korea are good.
"The world is focusing on ChIndia (China, India) but countries like Korea must use their strengths and assume their rightful role in the burgeoning Asian market. It is not beyond their capabilities. Korea has introduced fundamental capital market regulatory and legal reform and business is investing in research and development on a par with more developed countries.
"While many in Korea may think four to five percent economic growth is not great, by global standards it is a good result. We should not forget that Korea is Asia's fourth largest economy and the 11th largest globally and some are predicting 6 percent growth next year."
This is Mr. Parrett's fourth visit to Asia this year. Deloitte Anjin now has 1,400 people with sales revenue of approximately US$15 million.
Other photos available to members of the media:
Deloitte Touche Tohmatsu Global CEO Bill Parrett discusses the merger.
Celebrating the merger are (from left to right): Manoj Singh, CEO Deloitte Asia Pacific; Seung Woo Yang, CEO Deloitte Anjin LLC; and, Bill Parrett, Global CEO, Deloitte Touche Tohmatsu.
About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, its member firms, and their respective subsidiaries and affiliates. Deloitte Touche Tohmatsu is an organization of member firms around the world devoted to excellence in providing professional services and advice, focused on client service through a global strategy executed locally in nearly 150 countries. With access to the deep intellectual capital of 120,000 people worldwide, Deloitte delivers services in four professional areas — audit, tax, consulting, and financial advisory services — and serves more than one-half of the world's largest companies, as well as large national enterprises, public institutions, locally important clients and successful, fast-growing global growth companies. Services are not provided by the Deloitte Touche Tohmatsu Verein, and, for regulatory and other reasons, certain member firms do not provide services in all four professional areas.
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