Deloitte Exits Zim: Big Four Firm Sold to Local Pa...

Deloitte Exits Zim: Big Four Firm Sold to Local Partners in Management Buyout

Nyashadzashe Ndoro

Deloitte Zimbabwe, one of the "Big Four" accounting firms alongside Pricewaterhouse Coopers, Ernst & Young, and KPMGauditing is leaving Zimbabwe.

The company has reached an agreement with its senior partners in Zimbabwe for them to buy out the local unit, which will operate under a new name.

Deloitte says the decision was made after “extensive discussions” with its Zimbabwean team about how best to serve the needs of local clients.

The firm says the new arrangement will allow the Zimbabwean team to “tailor its services and offerings even more closely to the specific needs of the local market”.

“The existing partners in Zimbabwe will take over the business, ensuring continuity and quality service for clients.

“This mutually agreed decision follows extensive discussions between Deloitte Africa and Deloitte Zimbabwe, focusing on how to best serve the unique needs of clients in the Zimbabwean market. The existing team will continue to deliver the same high-quality audit, consulting, tax, and advisory services clients have come to expect, under a new brand name,” the company said in a statement.

“The management buyout allows the Zimbabwean team to tailor its services and offerings even more closely to the specific needs of the local market. This move reflects Deloitte’s commitment to empowering its people and fostering strong relationships with its stakeholders.”

This comes as a number of international firms have scaled down their operations in Zimbabwe, citing economic difficulties. Financial brands such as Barclays and Standard Chartered have also left the country.

Some have seen the exit of these international companies as a sign of disapproval for the Zimbabwean business environment, which is characterized by policy shifts, corruption, and economic and political instability.

However, Deloitte Zimbabwe CEO Charity Mtwazi says the company is “excited to continue our legacy of serving clients in Zimbabwe, but under a different brand.”

She assures clients that the team responsible for service delivery will remain the same, ensuring continuity and trust.

The decline of the consultancy business in Zimbabwe, due in part to low activity from multinationals, has led all four of the major accounting firms - KPMG, PwC, Ernst & Young, and Deloitte - to reduce their presence in the country.