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Bucharest
February 26, 2021
BUSINESS BUSINESS COMPANIES ECONOMY FINANCE&BANKING

PwC, the first consulting firm to open a local office, celebrates 30 years in Romania

This year marks 30 years of PwC Romania activity on the local market. As the first large professional services company to register in Romania after 1989 .

“PwC laid the foundations of the consulting services market 30 years ago, so we’ve been with the Romanian business environment from the very beginning. Over those three decades we’ve become a prominent professional services company on the Romanian market, a strong brand and an important contributor to public debate, thanks to all of our colleagues, partners and clients. In the coming years, we will continue to invest in training, in developing the skills of our colleagues and in adopting new technologies in order to have at least an equally relevant contribution to the sustainable development of Romanian society and the economy. We will also remain a reliable dialogue partner for local and international authorities and institutions”, said Ionut Simion, Country Managing Partner, PwC Romania.

In 1991, Coopers & Lybrand opened an office in Bucharest to become the first large professional services company to have a presence in Romania. The company later merged globally with Price Waterhouse under the PriceWaterhouseCoopers, or PwC, brand. PW settled in Romania in 1993.

From the beginning, our company has been involved in projects which are fundamental for the Romanian economy and the local business environment. We’ve contributed to the development of national legislation in essential fields, supported the establishment of the most important professional institutions and associations, and provided consultancy and assistance to companies and other organisations, both governmental and international.

“PwC has been involved from the beginning in creating a modern and efficient legislative framework without which neither companies nor institutions could evolve to create a favourable environment for economic growth”, said Daniel Anghel, Partner and Leader of Tax and Legal Services, PwC Romania.

Over those three decades of activity, PwC Romania has been involved in some of the largest investment projects in our country, while providing advice on major transactions in the automotive, retail, banking, energy, pharmaceutical and industrial products sectors, assisting over 600 transactions (sell side / buy side) and having over 70 exit assistance mandates.

“In that time, we’ve helped thousands of companies from all industries, be they entrepreneurial or multinational, which have developed and consolidated their operations in Romania or expanded into other markets. We support them using the best practices and the highest expertise available globally”, said Dinu Bumbăcea (photo), Partner and Advisory Leader, PwC Romania.

PwC Romania participated in the first financial audits conducted in Romania after 1990 and prepared the first financial statements in accordance with international IFRS standards, thus building confidence in the local business environment.

“All this time, PwC has created a solid organisational culture. Whole generations of specialists in audit, accounting, taxation and other areas of consulting have been trained in our company. We’re glad that we were among those who laid the foundations of this profession in Romania and that many of the professionals who have gone through the PwC Romania ‘school’ also contribute to the development of the local business environment”, said Kenneth Spiteri, Partner and Assurance Leader, PwC Romania.

 

PwC Romania’s major contributions to the business environment development:

 

  • From 16 employees in 1991, PwC Romania has reached a team of over 800 professionals today, coordinated by 21 Partners.
  • Important projects carried out by the Romanian authorities or international institutions were supported by PwC consultants.
  • PwC Romania conducted the first classification of Romanian companies under a project for the Romanian authorities, the first audits of large companies and contributed to the local implementation of international IFRS financial reporting standards, including preparing the first financial statements in accordance with them.
  • PwC has contributed to the development of the most important laws with an impact on company activities, such as the first insolvency law, the VAT introduction, the transposition of European directives, the community customs regulation and the first Romanian Tax Code.
  • Since its establishment, PwC Romania has had a major role in the creation and development of liberal professions in Romania, and in the establishment and management of associated professional bodies, with PwC representatives being elected to their leadership: AmCham Romania, Romanian National Union of Insolvency Practitioners (UNPIR), Romanian Chamber of Financial Auditors (CAFR), ANEVAR, Chamber of Fiscal Consultants (CCF), ABSL, Council of Foreign Investors and The Coalition for the Development of Romania.
  • D&B David and Baias, the corresponding law firm of PwC in Romania, has obtained numerous reference decisions, both in Romanian and international courts, in tax and commercial litigation, with the effect of amending and harmonising national legislation.
  • Numerous studies and surveys on important economic sectors are conducted by PwC Romania, including: PayWell, Saratoga, CEO Survey, Family Business Survey and Entertainment & Media Outlook.

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