Deloitte will be joining its firms in Australia, China, Japan, New Zealand and Southeast Asia in an alliance to create Deloitte Asia Pacific.
According to Deloitte, this move will allow for greater investments within the company and more seamless client service for clients in Australia, across the Pacific Region and around the world.
Together, the Asia Pacific alliance expects to make an additional investment of US$321m across the five geographies over the next three years.
Cindy Hook the current CEO of Deloitte Australia will be leaving the Australian firm to become CEO of the new entity.
Hook said: “This is an exciting move for Deloitte in the Asia Pacific region. With the formation of Deloitte Asia Pacific we create an opportunity to increase our scale in this market, while enhancing our capabilities to serve clients.
“The investments we are making will allow us to better serve the needs of our clients who are operating in a more globally connected way than ever before, and to continue our relentless focus on quality.”
Deloitte’s global CEO Punit Renjen added: “The creation of Deloitte Asia Pacific lays an important foundation as we place a high strategic focus on this region. Importantly, this increased scale in Asia will enable Deloitte to take full advantage of our strengths while offering differentiated services, accelerate capabilities in innovation and quality, and serve clients and the public interest with distinction.”
The new structure will come into effect on 1 September 2018, and the five geographies collectively will have 44,500 professionals, with the potential to create a US$10bn business by 2022.
Results and Growth
Deloitte also reported its FY18 revenue in Australia was $2bn, a 15% increase on FY17 and the fourth successive year of 15% revenue growth. The revenue growth was achieved in each of its six key business units and from all of its Australian offices.
Hook commented: “It’s the pleasing outcome of a clear strategy developed over three years ago to understand where the market is going, make the right strategic investments and build the right capabilities to solve the complex problems of our clients.
“We collaborate with our clients, we focus on building new business models and we create a different experience for our clients and our people. I’m immensely proud of the depth and skills within our firm and the amazing work we do; such as placing an economic valuation on the Great Barrier Reef where robust economic analysis and data modelling combined with our creative design, animation, and messaging won two prestigious Cannes Lions awards – a first for our professional services firm.”
By Mishelle Thurai
