KPMG to create £2bn European audit giant
UK and German merger to create biggest single firm in Europe
KPMG has announced plans to merge its UK and German firms to create a single
European firm with projected revenue of more than £2bn.
If completed, it will be the largest fully integrated accountancy firm in
Europe with 17,000 partners and staff working from 44 offices across the UK and
Germany, with its head office in Frankfurt.
The new firm, which will be known as KPMG Europe will be a member firm of
KPMG International, the global network.
It will be chaired jointly by John Griffith-Jones, currently chairman of KPMG
UK and Prof. Rolf Nonnenmacher, currently chairman of the managing board, KPMG
Deutsche Treuhand-Gesellschaft AG.
In a combined statement, Griffith-Jones and Nonnenmacher said: ‘This merger
will create Europe’s strongest and largest accountancy firm.’
The proposal has been approved unanimously by the boards of KPMG UK and KPMG
Deutsche Treuhand-Gesellschaft AG, and those decisions are now subject to
approval by partners in the UK and Germany in December.