Initially the banking sector was dominated by five nationalized banks but four of them have now been privatised. Local private banks were allowed to be formed in 1991 and a number of banks were formed. These banks now carry a sizeable market share.
We provide audit, tax and advisory services to major banks. Our audit clients include banks representing almost 50% of the total assets of the banks.
The banking clients are serviced by our professional staff who have received training specifically for these audits. Our banking group exceeds 200 members and most of them have worked for more than two years on banks audit. In addition, we draw on the resources of KPMG LLP (UK)'s financial services group, which is closely involved on most foreign bank audits. Members of our staff have been seconded to the financial services group of KPMG LLP (UK) in London to receive training and to help the London office in its busy period.
We also have a fair share of general insurance, life insurance and health insurance companies operating in the country.
The other financial services companies include mutual funds, investment banks, leasing companies and brokerage houses. We provide services to a number of them.