E&Y takes Andersen in Russia
Ernst & Young has announced that its office in Russia is to merge with Andersen's business in the former soviet country.
Following hard on the heals of news that Andersen’s units in China and Hong Kong had joined PricewaterhouseCoopers, the news apears to indicate a free for all is under way for local offices of the crisis-stricken firm.
Andersen announced on Tuesday that it was to merge all its non-US business with fellow Big Five firm KPMG but the proportion of the firm joining the marriage appears to be decreasing day by day.
Hans Jochum Horn, general director of Arthur Andersen ZAO, said: ‘Thesynergies between Ernst & Young’s practice in Russia and our own areoutstanding. Ernst & Young has a high quality practice in Russia with aprestigious international clientele. Ernst & Young’s firm culture is muchlike our own, and its international support network offers our clients theessential support they need.’
Ernst & Young CIS managing partner Stephen Moosbrugger said: ‘AndersenRussia has a leading and pioneering position in the Russian marketplace.Combined with Ernst & Young, it will form the pre-eminent audit, tax andlegal practice in the region.’
The firms have said they will practice as Ernst & Young in Russia.