Grant Thornton International is to retain its Philippines member firm Punongbayan & Araullo, after it emerged that the proposed merger between the firm and Deloitte Southeast Asia, Navarro Amper & Co. has been called off.

Ed Nusbaum, global chief executive of Grant Thornton International said, "we have a strong global strategy and provide the right environment for ambitious, dynamic firms to unlock their potential for growth. I look forward to continuing to work with Maria Victoria Españo and her Punongbayan & Araullo team for many years to come."

The merger plans between the two firms were first announced in January 2014.

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