Deloitte expands as PwC Maldives, Sri Lanka network firms exit. According to a Deloitte document reviewed by Reuters, the global accounting giant is expanding its position in South Asia by purchasing part of competitor PricewaterhouseCoopers’ (PwC) network companies in the Maldives and Sri Lanka. According to a person with firsthand knowledge of the situation, Deloitte would have 28 partners and 800 employees after the transaction, one of the biggest such combination agreements in the area.
According to the message, PwC’s offices in Sri Lanka and the Maldives will join Deloitte as of October 28. Although the agreement was verified, no financial or other details were provided by a Deloitte spokeswoman. Along with EY and KPMG, Deloitte and PwC comprise the so-called worldwide Big Four accounting giants, offering auditing, tax preparation, and risk management services.
In a different letter given to select customers that Reuters saw, PwC Sri Lanka and the Maldives also acknowledged the Deloitte agreement. As we are ready to join Deloitte, we are “committed to effecting a seamless transition,” the message stated.
A Reuters inquiry for comment received no immediate response from PwC. Deloitte South Asia CEO Romal Shetty stated in the message that “this is a transformative chapter in our history and marks a strategic leap forward.”
According to the person with firsthand information, Deloitte already has a presence in Sri Lanka and primarily offers audit services to the country. According to the source, the new agreement with PwC would assist it in providing advisory services, particularly in technological consulting. According to the source, Deloitte will overtake KPMG as the second-largest professional services business in Sri Lanka.
For the fiscal year that ended May 31, Deloitte reported global revenues of $64.9 billion, an increase of 14.9% in local currency.
