Deloitte is planning to invest more than $50m
in its Commonwealth of Independent States (CIS) firm over the next
five years.

Deloitte said the firm will be significantly
expanding its operations in the CIS region, made up of six
countries – Russia, the Ukraine, Armenia, Georgia, Kazakhstan and
Kyrgyzstan – which it calls an “important developing economy and
key marketplace”.

Deloitte’s UK and other European firms have
now increased their cooperation and will jointly provide capital
for the investment plan.

Deloitte has also appointed David Owen to
succeed David Pearson as chief executive of Deloitte CIS once his
four year term ends on 31 May.

Owen is currently Deloitte UK consulting
managing director. He has led Deloitte UK’s consulting business
since 2000 and brings with him more then 20 years of professional
services experience advising major businesses and public sector

“We expect the CIS to become one of the
world’s largest economies within the next few years and we have a
clear ambition to strengthen our position in this market, help our
clients capitalise on the growing importance of the region and to
become major global players. We are focused on expanding our
expertise in various fields including audit, management consulting,
M&A, tax and legal services and valuation,” Owen said.