PricewaterhouseCoopers expects to grow 30 pct a yr in China - CEO |
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Published
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Wed, 20 Jun 2007 06:57
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SHANGHAI (XFN-ASIA) - PricewaterhouseCoopers (PwC) will continue to grow by over 30 pct annually in China over the next three to five years if demand holds, the company's global CEO Samuel A. DiPiazza Jr said.DiPiazza told a media briefing the company expects to grow by 30 to 35 pct a year due to company listings, share reform by state-owned enterprises and increasing merger and acquisition transactions.'It is very much a high-demand market here in China,' DiPiazza said.He said PwC's growth in mainland China has exceeded 30 pct each year for the last four to five years following the growth of the country's capital markets. The company has invested 200 mln usd in China to help spur that expansion.DiPiazza said the M&A trend is already taking hold in India and PwC expects China to be the next market to see higher growth in that area.The company, a global financial advisor, released a survey last month saying China and India are Asia's top destinations for mergers and acquisitions in financial services.Reflecting its expansion, the company announced it has appointed 40 new partners in mainland China and 15 in Hong Kong.The appointments bring the number of partners in mainland China and Hong Kong to 330, with a total staff of 8,000. DiPiazza said the company will add around 1,800 people in the next year.He said turnover in mainland China runs near the high-end of PwC's global average of 15 pct to 18 pct.The company's clients include Bank of China, Bank of Communications, China Netcom, China Unicom and China Life.randall.jensen@afxasia.com
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