Deloitte exits Zim as management leads buyout

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HARARE – Deloitte, one of the world’s big four accountancy firms, is leaving its Zimbabwe business and senior partners will buy out the unit.

The transaction follows “extensive discussions between Deloitte Africa and Deloitte Zimbabwe”, says Charity Mtwazi, Managing Partner at Deloitte Zimbabwe.

“With the exit of Deloitte in Zimbabwe, we will be ushered into a new phase,” Mtwazi said in a statement. “We are excited to continue our legacy of serving clients in Zimbabwe, but under a different brand. Importantly, the team responsible for service delivery remains the same, ensuring continuity and client trust.”

She says the buyout by local partners allows the business to “tailor its services and offerings even more closely to the specific needs of the local market”.

The decline of consultancy business, made worse by low activity from multinationals, has seen the big four accountancy firms – KPMG, PwC, Ernst & Young and Deloitte – all scaling back on their presence in Zimbabwe. While larger firms have struggled, some smaller locally-led companies have kept their heads above water. Among some players in the market are locally-led BDO and Grant Thornton, which was formed out of Camelsa in 1996.

Last year, Zimbabwe was one of several emerging markets that Standard Chartered exited from as it realigned its global business.

Source: NewzWire