BDO McCabe Lo Limited, the BDO Member Firm in Hong Kong, has announced its successful conclusion of an agreement to merge the firm, Shu Lun Pan Horwath Hong Kong CPA Limited into the existing firm, with effect from 1 May 2009. The merged firm will change its name to BDO Limited.
Shu Lun Pan Horwath Hong Kong CPA Limited has been operating since 1981 and is a hugely successful and reputable firm in Hong Kong. Nine partners and over 200 staff will join BDO and the two senior partners, Clement Chan and Hong Ng, will join the firm’s executive board. The combined firm will have over 700 staff and a fee volume of more than HKD 300 million (US$ 38 million, euro 30 million).
Albert Au, managing partner of BDO Hong Kong commented, “This is a significant development for the firm. In the past 5 years, we have experienced significant growth, doubling in size in that period. This merger will further consolidate our position as the fifth largest accounting firm in Hong Kong, allowing us to compete more effectively with the largest accounting networks. We are very much impressed with Shu Lun Pan Horwath’s professionalism and commitment to audit quality. The many synergies of the merger will mean great opportunities for our people. Coming at a time of economic downturn, this is a tonic of optimism for all the partners and staff in both firms and we look to the future with confidence and excitement."
Clement Chan, managing partner of Shu Lun Pan Horwath Hong Kong CPA Limited added, “We also believe that we have a lot in common with BDO. Their corporate values, interestingly, are very similar and compatible with ours. Together, we will be a force to be reckoned with and it will be an excellent platform to enhance our service capabilities to our clients globally.”
Jeremy Newman, CEO of BDO International, said, “We are very excited about this news. BDO Hong Kong is a key player in the development of our business in Greater China. This merger, together with the recent admission of one of the largest domestic firms as a new BDO Member Firm in China, has shown our commitment to this region and will provide the marketplace with greater choice and a real and credible challenger to the Big 4.
Collectively, BDO firms will have more than 4,000 partners and staff in Greater China, and a turnover in excess of RMB 1.2 billion (US$ 175 million, euro 134 million) with offices in key cities, including Beijing, Guangzhou, Hong Kong, Shanghai, Shenzhen and Wuhan.”
A 10 member Executive Board will be set up as the principal management body of the Firm. It is responsible for setting and executing the long-term strategy, policies and regulations of the Firm.
For further information please contact:
Mary Joyce Leung, BDO McCabe Lo Limited
Tel : (+852) 2853 1426; Fax : (+852) 2815 2239: e-mail: firstname.lastname@example.org
Julia Henniker-Heaton, BDO International Executive Office, Brussels
Tel: (+32 2) 778 0130; Fax: (+32 2) 778 0143; e-mail: email@example.com
About BDO Dunwoody LLP
BDO Dunwoody LLP is Canada's sixth largest accounting services and advisory firm. Our team serves a highly diverse clientele, which includes owner-managed businesses, large enterprises, mid-market public companies, community organizations, not-for-profit agencies, and professional firms. From agriculture to real estate, technology to union pensions, and aboriginal communities to municipalities, the professionals of BDO Dunwoody have the expertise to handle any business sector. BDO Dunwoody LLP is a Member Firm of BDO International.
About BDO International
BDO International is a worldwide network of public accounting firms, called BDO Member Firms. Each BDO Member Firm is an independent legal entity in its own country. The network is coordinated by BDO Global Coordination B.V., incorporated in The Netherlands, with its statutory seat in Eindhoven (trade register registration number 33205251) and with an office at Boulevard de la Woluwe 60, 1200 Brussels, Belgium, where the International Executive Office is located.