Deloitte & Touche LLC announced the merger
December 14, 2004, Anjin Deloitte LLC. (Mr. Yang, Seung-Woo as its CEO ) and Deloitte & Touche /Hana (Mr. Lee, Jae-Sool as its CEO ) announced that the two firms agreed to merge.
Today the two firms’ managing partners and other management members met at the CCMM Building in Yoido and signed the final agreement related to the merger of the two firms to be effective on January 31, 2005.
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 1,1 00 accountants and other professionals, the two firms will combine for a total of over 1, 3 00 employees.
Summary of the merger is as follows:
1. Deloitte & Touche LLC ( Hana ) and Anjin & Co. shall proceed with the merger in accordance with relevant laws and regulations, so that the integration of the personnel and organization can be established by January 30, 2005.
2. The combined firm will use the English name of Deloitte & Touche LLC, while the Korean name will be HanaAnjin.
3. Mr. Yang, Seung-Woo will be appointed the CEO of the combined firm.
“I am very pleased to see that the merger between Hana and Anjin is near ing completion. With the two firms working together, I expect the quality of DTT’s services to become even stronger. I hope that the deal can be concluded by the end of January 2005 and expect the combined firm will become a major base for DTT’s global network as it operates in Asia’s fourth largest market,” said DTT’s Asia Pacific CEO Manoj Singh.
“Combining Deloitte’s strength in multinational clients such as GM, Microsoft, Merrill Lynch, etc. with Anjin & Co.’s 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 . “From this merger we believe that this merger would contribute a vitality in Korean accounting/consulting market.”
In response, Hana’s CEO Mr. Lee, Jae-Sool said, “the high quality of our client service will continue; the merger will create a better firm and improve our services, which will benefit both our clients and our people . In addition, to meet the global standard, we will implement a new professional firm model to contribute to Korea’s advance ment of the accounting profession.”
The integration will make Hana-Anjin the second largest professional services firm in Korea with over 1, 3 00 partners and employees. The merged firm will be the solid number two(#2) accounting firm in Korea. As a result of the merger, we expect the new merged company to become more competitive in the marketplace.
The press conference lasted for approximately 30 minutes and was held at 11: 30 on December 14, 2004 at Woo-Bang Hall, CCMM Building.