BDO has enlarged its global network with a new member firm in Bangladesh. Nurul Faruk Hasan & Co, which previously was part of the network of competitor RSM, has per 1 June 2014 joined BDO.
Bangladesh is according to the IMF currently the 37th largest economy in the world, with an per capita income of roughly $2,800 (adjusted by purchasing power parity). Yet over the past years the Asian economy has grown quickly – at the rate of 6% - 7% per annum – and also for the coming years the outlook is optimistic. Recently Goldman Sachs earmarked Bangladesh as one of the Next Eleven (N-11) growth exonomies, based on the large growth potential of the economy. Against this background BDO decided that entering the market was the right decision to make.
Nurul Faruk Hasan & Co has a team of roughly 100 partners and staff members that work in the fields of accounting, auditing, financial advisory and management consulting. The professional services provider works mainly for large local and multinational organisations based in Bangladesh, with a focus on the manufacturing and telecommunications sectors.
''The appointment of this firm is a continuation of our strategy to invest in our presence in the economies that are central to our clients' growth strategies, whereby we are growing our network both organically and by merging with strong firms that share our values and add to our strengths,'' says Martin van Roekel, global CEO of BDO.
Nurul Haque, Managing Partner of BDO Bangladesh, adds: “Our firm’s values are very much in line with BDO’s vision to be the leader for exceptional client service. Alongside BDO’s global reach and strength I am sure that we will be able to strengthen our position as one of the top accounting and advisory firms in Bangladesh.”
With the addition of BDO Bangladesh the firm now was more than 1,260 offices worldwide in 144 countries.