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BDO merges firm in Korea

BDO has merged its Korean firm, BDO E-Hyun Accounting Corporation (EAC), with Sungto Accounting Corporation. The new firm will be operated under the name BDO Sungto-Ehyun Limited, with John Park as CEO.

The merger aims to expand BDO’s services to include domestic companies investing in overseas markets and deliver balanced growth across service lines, including advisory and corporate finance.

The merged firm adds three further offices in Busan, Changwon, and Daegu. It will be operating as organised single firms rather than a combination of independent firms with multiple teams.

By 2025, the firm expects a headcount of 500 professionals, revenues of KRW150bn ($132m) and triggering of additional merger activity.

The merger became effective 29 March 2019.

BDO Sungto-Ehyun Limited CEO John Park said: “Until now, Korean companies have lacked choice when seeking the right accountancy advisers for them, due to independence requirements and to dominance by our larger competitors. I am very proud to be leading a new and dynamic firm with a clear vision and strategy and which is now a very strong contender in the Korean market."

BDO’s Asia Pacific CEO Stephen Darley said: “This is a very pleasing development for BDO in Korea. The merger will add significantly to its audit credentials, particularly those required by the local regulator (FSS), placing it in good stead to benefit from the recently instituted mandatory audit rotation. The merger demonstrates the power and recognition of the BDO brand across Asia, which will assist BDO in Korea in achieving its ambitious growth targets and in providing a continuous quality service to its clients.”

 

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