Banks join consolidation predators
Royal Bank of Scotland and Bank of Scotland eye up firms as first big external players move in on accountancy marketplace.
Royal Bank of Scotland and Bank of Scotland eye up firms as first big external players move in on accountancy marketplace.
The Royal Bank of Scotland and Bank of Scotland have been engaged in discussions with management consultants with a view to becoming accountancy consolidators.
Industry insiders say the banks have revealed their interest in the consolidation frenzy over the last few months. Although firm decisions have not been taken, the fact they are involved in the talks suggest the accountancy sector may be on the brink of seeing major outside players enter the arena.
It is understood the banks are working to different consolidation models, with RBS likely to target Scottish firms, while BoS is thought to be interested in gaining market share in England.
Any such deals would provide banks with the opportunity to increase the number of clients it has access to, while accountancy firms may be used as a marketing distribution channel.
Consolidation experts suggest companies such as Sage, IBM and Microsoft may also be interested in acquiring firms.
Gordon Gilchrist of the Twenty Twenty Group, said: ‘We have been predicting banks will become involved in accountancy consolidation for some time. Once the banks wake up and see what influence accountants have and understand what makes them tick – this type of deal will really take off.’ The banks declined to comment.
Links
The numbers you crunch tell a story. Your expertis...
23yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThree years after accountancy group DJH Mitten Clarke launched, they have announced that they have rebranded to DJH. The DJH Mitten Clarke name reflec...
View articleStatic budgets outdated. Embrace agile budgeting for a smooth year-end close and adapt to changing markets. Read More...
View articleSaffery Champness's strategic rebrand to "Saffery" reflects a bold step towards aligning its historic values with a modern, innovative ethos, fosterin...
View articleSumer’s CEO Warren Mead believes accountants have a responsibility to champion smaller and medium-sized businesses and that successful entrepreneurs a...
View articleMid-market firms experience largest percentage increase in fee income in 2023, as consultancy services start to become leading income streams for the ...
View articleBaker Tilly International has today announced record global revenues of US$5.2bn for the financial year ended 31 December 2023, up 11% on the previous...
View articleWhilst Small and Medium Enterprises (SMEs) account for around half of the turnover in the UK private sector[1], our own AAT research shows that over a...
View articleGrant Thornton UK as confirmed the appointment of Malcolm Gomersall as its new Chief Executive Officer. Gomersall, who has been with the firm for over...
View article