Deloitte is to create a new entity, Deloitte Asia Pacific, bringing together its geographies in Australia, China, Japan, New Zealand and Southeast Asia, with the aim of increasing its services and presence in the region, which it says is the fastest-growing area of its network
The Big Four firm is to pump $321m (£246m) into the initiative over the next three years, with the new structure coming into effect on 1 September 2018.
It will be headed up by Cindy Hook, who was previously CEO of Deloitte Australia. The five geographies collectively will have almost 44,500 professionals, and Deloitte says there is the potential to create a $10bn business by 2022.
Hook, Deloitte Asia Pacific CEO, said: ‘With the formation of Deloitte Asia Pacific we have 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 clients who are operating in a more globally connected way than ever before and continue our relentless focus on quality.’
On her departure, Deloitte Australia reported the firm’s FY18 revenue in Australia was AUS$2.013bn (£1bn), a 15% increase on FY17, and the fourth successive year of 15% revenue growth. Hook’s successor is expected to be in post by August.
Punit Renjen, Deloitte Global CEO, said: ‘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.’
Globally, Deloitte has more than 264,000 professionals at member firms. Revenues for the fiscal year 2017 were $38.8bn.
Report by Pat Sweet