PwC Europe has expanded its network with PwC Turkey. The move adds a total of five offices, 34 Turkish partners and more than 1,300 staff to the holding company that already consists of national PwC firms in Germany, Austria, the Netherlands and Belgium.
PwC Turkey started operating in 1981 and currently employs 1,350 professional staff, working from its offices in Istanbul (2), Ankara, Bursa and Izmir. The country office is part of the PwC international network which consists of firms in 157 countries with more than 195,000 people who provide assurance, tax and advisory services.
The firm recently decided to join the PwC Europe Holding, which consists of the PwC firms in Germany, Austria, the Netherlands and Belgium. As a result of this decision, the European network will grow to 860 partners and 16,700 employees and generate a total annual turnover of around €2.5 billion. “The growth prospects for the Turkish economy are excellent,” comments Norbert Winkeljohann, Head of PwC Germany.
National company structure
Just as some competitors in the audit and advisory business, PwC is organised as a national company structure. Under this structure, local companies, although part of the international PwC network, remain legally independent. This independence can be an advantage in the event of legal disputes; however, it can also make it harder to orchestrate cross-border advisory mandates. By merging individual subsidiaries within a holding, such as the PwC Europe Holding, a balance can be found between independence and cooperation.