PwC to invest $60 million to enhance capabilities and expand service offering in Central and Eastern Europe

PricewaterhouseCoopers (PwC) LLC
Kyiv, Ukraine, Thursday, October 17, 2013

PwC will invest $60 million inCentral and Eastern Europe (CEE) over the next three years to enhance industryand specialist expertise and strengthen its lead in the market.  The investment will be funded by PwC UK andwill focus mainly on bringing in leading talent from the market as well asseconding specialist partners and directors from PwC’s global network. 

Michael Kubena, CEO of PwC CEE commented on themotivation behind the investment:

“As our markets mature, our clients are demanding more from us, and we willneed to bring more to the table if we want to retain and build on our numberone market position.  We need to bringbroader, deeper and better integrated offerings that address their uniquechallenges. We began expanding our range of industry and technical capabilitiesseveral years ago, and have already had considerable success.  Working more closely with our UK firm willallow us to accelerate investment in our business and more rapidly develop newskills and value propositions that will benefit our clients and drivesustainable profitable growth.  At thesame time, it will enable us to offer interesting career developmentopportunities for our people in CEE.”

Shifting economic power to emerging markets 

According to PwC’s Global Annual Review, there arefive global megatrends that will transform the future of business around theworld.   One of these megatrends is theshift in the global balance of economic power from developed to developingcountries.  The next decade will see thisrebalancing reach a tipping point, as emerging markets expand their globalreach and influence still further.  In2009, the total gross domestic product (GDP) of the E7 – the world’s sevenleading emerging nations – was about two-thirds that of the G7, their developedcounterparts. By 2050 these positions will be reversed, with the E7’s aggregateGDP rising to almost double that of the G7.

Ian Powell, Chairman and Senior Partner of PwC UK,commented: “We are investing in our international network where there issignificant potential for higher growth. It is critical that we are wellpositioned to help our clients benefit from fast developing economies and towork with new clients as they grow.”

The funding will centre on the industries, geographiesand services which are likely to drive economic growth in the region –particularly the larger markets, such as Russia and Poland, as well as highgrowth economies, and key sectors including oil and gas, utilities, mining,financial services and the public sector. 

Bryan Disher, Country Managing Partner of PwCUkraine commented: “The sector focus aligns well with the priorities for theUkrainian economy and our already strong position in these industries.  It will allow us to respond to the growing needsof Ukrainian based companies in these and other growth sectors in Ukraine, andhelp them respond to the new opportunities and challenges that will arise ifUkraine proceeds with the signing the Association Agreement and Deep andComprehensive Free Trade Agreement with the European Union in November.”

Notes: 

AboutPwC CEE: PwC Central and Eastern Europe been active in the region for more than20 years. Today, the firm consists of 280 partners and 7,000 staff in 54offices across 29 countries. We are the only professional services firm to havea fully integrated network spanning Central and Eastern Europe and former CIScountries. 

About PwC UK: PwC UK employs 874 partners and over 17,400 people in 57 officesacross the UK, Channel Islands and the Middle East. For more information, visitwww.pwc.co.uk. 

About PwC: PwC helps organisations and individualscreate the value they’re looking for. We’re a network of firms in 157 countrieswith more than 184,000 people who are committed to delivering quality inassurance, tax and advisory services. Tell us what matters to you and find outmore by visiting us at www.pwc.com.

PwC refers to the PwC network and/or one or more ofits member firms, each of which is a separate legal entity. Please seewww.pwc.com/structure for further details. 

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