HSBC yesterday announced plans to appoint PricewaterhouseCoopers as its auditor, replacing KPMG which had held the position since 1991.
Europe’s biggest bank said the appointment would be put to shareholders at its 2015 annual general meeting on 24 April, but that the recommendation was the result of a competitive tender.
“The tender process was both comprehensive and thorough, culminating in a recommendation by the group audit committee to the board for the appointment of PwC for the audit of the consolidated accounts from 2015,” said John Coombe, the committee chairman.
KPMG is expected to continue in the role in the short-term and audit the group’s consolidated accounts for the year ending 31 December 2013 and do the same for the year ending 31 December 2014.
“We look forward to a constructive… relationship with PwC in support of the [committee’s] responsibility for oversight over the integrity of financial reporting,” said Coombe.