Deloitte announces Burma venture

London-based Deloitte, the largest of the “Big Four” professional services firms—ahead of PricewaterhouseCoopers, Ernst & Young, and KPMG—has announced that it too will venture into the Burmese financial market.

The firm’s announcement on Thursday follows hot on the heels of rival KPMG which launched its entry late last year into Burma, officially known as Myanmar.

“Deloitte Touche Tohmatsu Limited (DTTL) announced today [January 17] it has established an Independent Correspondent Firm (ICF) through leading local Myanmar professional services firm, Myanmar Vigour. As a result of this new ICF relationship in Myanmar, Deloitte will be able to offer a full range of professional services, including tax, consulting, and financial advisory, through Myanmar Vigour Co. Ltd., and accounting services through the independent Myanmar Vigour Group (collectively “Myanmar Vigour”), to help their clients capitalize on the many opportunities this newly-opened country presents,” the company said in a statement.

“[The] recent pace of reforms and the lifting of sanctions in Myanmar have led to growing interest from companies around the world wanting to invest in the country and many of the Deloitte network's clients across all industries are looking to expand their role in developing the Myanmar economy,” it said.

According to Chaly Mah, the DTTL Asia Pacific CEO & Regional Managing Director: “We are delighted to be expanding our ability to service clients in Myanmar through our ICF relationship in what is fast becoming a market that has the potential for tremendous growth.”

Deloitte said the establishment of the ICF will connect Myanmar Vigour with access to a global network of professionals in over 150 countries. The firm will continue to be led by founder Soe Win, it said, a leader in the industry with over 30 years’ experience of the local regulatory and market environment.

“This is a very exciting time for Myanmar,” said Soe Win, Managing Director of Myanmar Vigour Co. Ltd. “We are delighted to be working with Deloitte, an organization so committed to delivering world class professional services.”

Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries.

source: Mizzima
http://www.mizzima.com/business/8752-deloitte-announces-burma-venture.html