Tuesday, March 20 2012 18:29
Binder Dijker Otte & Co acquires Ameria Audit CJSC
ArmInfo. Binder Dijker Otte & Co (BDO), the fifth largest accountancy network in the world, has acquired Ameria Audit CJSC. To recall, Ameria Audit CJSC has been operating in the Armenian audit market since 1996 and is part of Ameria Group. As a result, a new brand - BDO Armenia - has appeared in the Armenian market of audit services.
"Ameria Audit has become a full member of BDO International network of public accountancy firms. The entry of this company to the Armenian audit market provides a unique opportunity to introduce the international experience and technologies in our country and to stimulate competition in the audit sphere. BDO's entry will also contribute to development of the business environment in Armenia and creation of new advantages for Armenian enterprises", Tigran Jrbashyan, Director for Development of Ameria Group, said at today's press conference.
For his part, Deputy Director General of BDO Alexander Verenkov pointed out that the company has been interested in the Armenian market for a long time, but it was not easy to find a true business partner in the local market. "Ameria Audit was not the first or the only candidate for BDO partner in Armenia, there were other companies as well, but they unnecessarily demonstrated the principle of a dominating partner and held onto their business too strongly", he said when commenting on an ArmInfo correspondent's question. He added that the fact that Ameria Group is successfully developing is apparently connected with its ability to conduct audit at the high level.
The sides refused to make the transaction amount public, they only said that the amount "was mutually beneficial". "But the company still has some money left to acquire other audit companies in Armenia", Verenkov joked. BDO will only welcome the local audit companies' desire to join the worldwide accountancy network.
"For that purpose we have a lot of reasonable approaches", he said. Verenkov also pointed out that BDO International has acquired Ameria Audit not because the latter has a big portfolio of customers, but because Ameria displays a correct approach to extension of its clientele base. "Certainly, this portfolio can and should be increased by using the advantages of the international brand, however, an auditor is not a doctor, who must serve each patient", Verenkov said.
Executive Director of Ameria Group Arthur Andreasyan pointed out that the decision to become a member of BDO International was mostly conditioned by toughening of the audit legislation of Armenia. He added that no significant changes will occur in the company's package of services.
BDO International is the fifth largest accountancy network in the world, a worldwide professional services network of public accountancy firms, serving national and international clients. As of 30 September 2010, BDO Member Firms in 135 countries employed 48,000 professionals in 1,118 offices throughout the world. Global fee income of all BDO Member Firms for the year ending 30 September 2010 totalled 3.893 million euros (US$ 5,284 million), making BDO International the fifth largest accounting firm network globally. Each BDO Member Firm is an independent legal entity in its own country. The network, originally formed in 1963 as Binder Seidman International Group, is coordinated by BDO Global Coordination B.V., with an office in Brussels, Belgium. The name BDO, first devised in 1973, is an acronym of Binder Dijker Otte & Co.
To recall, Ameria Group of companies is one of financial groups in the Armenian market performing the most aggressive development in the local financial market and providing a wide range of advisory and financial services. The Group renders fundamental and comprehensive financial support to clients representing almost all the sectors of the social and economic activity in Armenia and the regions.
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