• Register
Return to: Home > News > Mid Tier > Mazars reports 15.9% growth in euro and announces megamerger in China

Mazars reports 15.9% growth in euro and announces megamerger in China

Mazars has reported fee income of €1,252m ($1,363m) in the year to 31 august 2015, up 15.9% on previous year. The network also announced a merger with Chinese audit firm ZhongShen ZhongHuan, offering Mazars a chance to compete for the top 10 in China.

Mazars CEO and chairman of the executive board Philippe Castagnac explained the 15.9% growth to International Accounting Bulletin: "We had 6% of external growth partly linked to the merger with Roever Broenner Susat in January 2015 - I say partly because the merger only counted for the last eight months of our financial year - we had 6% organic growth and a 3.9% Forex effect. "

Castagnac said Mazars was particularly pleased with the level of organic growth in FY15 as it went beyond the expected 5%.

Castagnac also announced that Mazars had merged with ZhongShen ZhongHuan which will bring fee income of RMB 700m ($106m), including RMB400m in audit, 64 partners and 1,500 staff to the network. "It is an old Chinese firm essentially specialised in audit but which also offers tax and cost engineering services."

For now the merger only relates to ZhongShen ZhongHuan's audit practice. The tax practice is not included in the deal, Mazars was unable to confirm whether it might follow suit in the future.

As a result of the merger, Mazars in China will count 1,800 staff and 83 partners in 15 locations.

According to Castagnac, the merger offers Mazars full access to the Chinese market: Be it international businesses or Chinese businesses, as well as listed companies in China. "ZhongShen ZhongHuan focus on the banking sector combined with Mazars own expertise in this sector we will approached with serenity 2018 when the banking sector in China will be required to rotate its auditors."

"This merger corresponds to a need to be more present in Asia for our clients as well as being stronger in terms of geography and skills in one of the main economies in the world," Castagnac said. "This is only a first step as we are already in contact to add teams to Mazars in China throughout 2016."

Zhang Liwen, chief accountant of ZhongShen ZhongHuan, and Shi Wenxian, chief partner of ZhongShen ZhongHuan will join Mazars' group executive board and group governance council respectively.

Top 10 ranking in Mainland China
With this merger Mazars said China is expected to exceed 10% of the network's turnover and the firm could be ranked amongst the largest 10 accounting firms in China. However, according to International Accounting Bulletin's latest China survey, the competition will be fierce. ShineWing CPAs ranked 9th with fee income of RMB1,175.2m (FY13). Baker Tilly China ranked 11th with RMB1,360m in revenue (FY14), and It is most likely to take the 10th position, which has so far been occupied by PKF Daxin CPAs. Part of PKF Daxin CPAs left to BDO in FY14.

Top Content

    Brazil: regulation and technology form basis for recovery

    Opportunities in the capital markets and the ever-growing influence of technology are expected to have a significant impact on the Brazilian accounting profession over the next 12 months, writes Paul Golden.

    read more

    Mentoring support and the opportunity to delegate

    Jon Lisby will be known to many from his former role as CEO of Kreston International. Here, he explains the background to his new venture, Global Alliance Advisory Services (GAAS), and how he aims to offer support to alliance CEOs.

    read more

    Global by name, global by nature

    Stephen Heathcote became chief executive officer of PrimeGlobal on 1 June 2019. Robin Amlôt met him to discuss the various new challenges that he has taken on, and his ambitions for the association.

    read more

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more


    As the Coronavirus (COVID-19) continues to spread across the world, the International Accounting Bulletin and The Accountant will be collating all the latest news and updates from the profession on the pandemic’s impact.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.