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June 30, 2008

KPMG Spain partners decide to join European firm

The partners of KPMG Spain have voted to merge with KPMG Europe in a decision that will enhance one of Europe’s largest fully integrated accountancy firms.

The move follows the lead of other European KPMG practices in the UK, Germany and Switzerland, who have already joined KPMG Europe. However, KPMG Netherlands partners turned down a similar proposal late last year.

The combined firm will have approximately 23,000 partners and staff working from 75 offices across the four countries. It will also have combined revenues in excess of €4.2 billion ($6.5 billion), according to 2007 figures. KPMG Spain reported fee income of €175 million in the year to September 2007.

KPMG Spain senior partner John Scott will join the KPMG Europe board. “[Joining KPMG Europe] will increase our ability to recruit and retain talent, will develop wider career opportunities with more options to participate in cross-border projects and will promote deeper knowledge sharing,” Scott said. “Consequently, our capabilities to add value to our clients will enhance our competitive advantage and market leadership.”

Scott said the firm’s Spanish speaking workforce would also help KPMG Europe pursue opportunities in Latin America.

Joint chairmen of KPMG Europe Rolf Nonnenmacher and John Griffith-Jones added: “Their decision to join builds on the foundations formed when the UK, Germany and Switzerland member firms agreed to merge and we are delighted that they wish to become part of our ambition to create the most successful professional services firm in Europe, for the benefit of both our clients and our people. We look forward to other member firms joining in due course.”

Partners of KPMG Spain approved the merger proposal in a vote on 20 June 2008. The vote is subject to the agreement of the UK, German and Swiss partners. Scott said he believes several more firms around Europe will join the firm in the coming year.

Carolyn Canham and Arvind Hickman

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