Danny McCance 10 Nov 2017 01:09pm

Grant Thornton will merge with BDO South Africa

BDO South Africa have taken over two major offices of its mid-tier rival Grant Thornton

BDO, the sixth biggest financial services firm, will take over the Cape Town and Port Elizabeth offices of Grant Thornton, the fifth biggest firm, on 1 March 2018.

The move will add 413 staff to BDO, including 35 partners and directors, across both Cape Town and Port Elizabeth, bringing the firm’s total South African work force to more than 1,000.

“Critical to this merger is our ability to scale up and to leverage the opportunities created by the changes in the auditing profession, including the introduction of mandatory audit firm rotation,” said Mark Stewart, CEO of BDO South Africa.

“BDO South Africa will now be in a far stronger position to take advantage of opportunities in the market and to provide a significant alternative to the competition,” he added.

Financial services firms have been in the headlines recently in South Africa, following the Gupta family scandal. Big Four firm KPMG has been implicated has led to the loss of its clients and an investigation by the South African Revenue System.

The firm lost many members of its senior management in during the scandal, which revealed connections between the powerful Gupta family and South African president Jacob Zuma.