The accounting firm intends to acquire competitors and boost staff numbers
Deloitte Touche Tohmatsu plans to spend US$150 million in the next five years acquiring rivals and recruiting more staff to expand in the mainland and Hong Kong, according to the company's chief executive for China Peter Bowie.
Mr Bowie said the money would be spent on boosting its staff from 3,000 to 8,000 in Hong Kong and the mainland.
'Acquisitions of local firms will be one of our strategies to expand in the rapidly growing China market. We are exploring takeover opportunities with a few local Chinese accounting firms,' he said.
The move follows the trend to fast-track expansion in China through acquisitions as local accounting firms usually have better networks and bigger client bases.
Ernst & Young acquired China's biggest accounting firm, Da Hua, in February 2001, doubling its mainland staff to 1,200.
