he partners of KPMG CIS (Commonwealth of Independent States) and KPMG Turkey have overwhelmingly voted to join KPMG Europe LLP ('ELLP') alongside the UK, Germany, Switzerland, Spain, Belgium and the Netherlands.
Partners of KPMG CIS, which consists of Russia, Ukraine, Kyrgyzstan, Kazakhstan, Armenia and Georgia, approved the merger proposal in a vote last month. The ELLP partners have now also voted in favour of the agreement.
As part of the merger, Andrew Cranston, Senior Partner for KPMG CIS, will join the ELLP board.
In a separate vote, the partners of KPMG Turkey have also decided to join ELLP. This agreement has also been approved by the ELLP partners.
The combined firm will have 30,000 partners and staff working from more than 100 offices - with net revenues of €4.6bn in 2008.
The decision of the CIS and Turkey partners to join enhances KPMG's position as the most fully integrated accountancy firm across Europe.
Rolf Nonnenmacher and John Griffith-Jones, Joint Chairmen of ELLP, said: "We warmly welcome the decision of our colleagues in KPMG CIS and KPMG Turkey to join ELLP. We are convinced that this is a significant and vital move towards creating an integrated firm with the strength and resources necessary to compete effectively in the changing global economic environment and we look forward to further strengthening our position as other member firms join in the near future."
KPMG CIS offers the full range of KPMG services. Since its establishment in the early 1990s, it has grown rapidly to become the second biggest firm in the CIS accounting markets and has developed a large client base, which includes Lukoil, Rusal and a number of other Russian companies operating globally. In the year to September 2008 revenues were €210m.
Andrew Cranston added: "The merger will increase our ability to retain and target major audit clients, especially those with international operations and ambitions, and to target the largest advisory opportunities.
"We also believe that closer access to and involvement in innovation, initiatives and tools, will enhance quality and efficiency across our practice. All of this will be positive for our people, providing additional development and career opportunities."
KPMG Turkey is an established full service practice with revenues of USD42 million in 2008.
Ferruh Tunc, Chairman and Senior Partner for KPMG Turkey said: "Our decision to join KPMG Europe LLP could not come at a better time. There is an important change planned for 2010 which will require auditor rotation in Turkey and this will generate significant opportunities for us, which this merger will help us to maximise."
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Gokhan Atilgan, Partner, KPMG in Turkey
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About KPMG: KPMG is the global network of professional services firms who provide audit, tax and advisory services. KPMG Europe LLP subsidiaries operate in 5 countries across Europe with over 24,800 partners and staff. The KPMG Europe LLP group recorded a combined revenue of €3.9bn in the year ended September 2008. KPMG Europe LLP, a UK limited liability partnership, is the parent entity holding a number of members of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. KPMG Europe LLP and KPMG International provide no client services.