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Nov 13, 2020

Mazars bets on Financial Services Audit

Financial Services

Financial Services

  • Area integrates Audit and Assurance services for the banking, insurance, asset management and private equity sectors
  • The aim is to position itself as a reliable alternative in a market hitherto dominated by the "Big Four".
  • Strategic plan points to Mazars' growth in this area in the short term

 Mazars has created a team exclusively dedicated to providing audit and compliance services. Assurance to the banking, insurance, asset management and private equityThis is part of the development of the area of Financial Services Audit which has been the case since 2019. As a result of this strategy, recognized by customers operating in this market, it was possible to achieve significant growth in Mazars' activity in this sector this year, a positive trend that should continue in 2021.

As Fernando Vieira, Partner and Head of Financial Services Audit at Mazars, explains, "Starting in 2019, the focus on the Financial Services Audit area is part of Mazars' short- to medium-term strategic plan in Portugal, with emphasis on strengthening its technical resources and attracting new clients, with a view to developing this area".

Following on from the activity carried out in previous years, asset management (through securities, real estate and pension funds) and private equity (venture capital) has a significant weight in the structure of its current clients. The credentials of the Financial Services Audit of Mazars in Portugal in this activity are today widely recognized by the market, including in their portfolio some of the largest Management Companies present in the Portuguese market - BPI Gestão de Ativos, IM Gestão de Ativos, Invest Gestão de Ativos, Dunas Capital - Gestão de Ativos, Imofundos, Novo Banco, Fundbox and Norfin.

Also noteworthy is the remarkable growth in auditing work for credit institutions, including recognized entities such as Cofidis, S.A (Portugal Branch), Eurofactor Portugal, BNP Paribas Factor and BNP Lease Group (Portugal Branch). Another important sign of recognition was the recent appointment of Mazars Portugal as Statutory Auditor for two banks: Banco PRIMUS, S.A. and BNI - Banco de Negócios Internacional (Europa), S.A., as well as for other important clients linked to large international financial groups, such as Tagus - Sociedade de Titularização de Créditos, S.A. - Deutsche Bank Group and Sagres - Sociedade de Titularização de Créditos, S.A. (previously owned by Citigroup), which recognized the following in the team Financial Services Mazars with the necessary powers to give it responsibility for auditing its accounts.

As Fernando Vieira states, "The appointment as ROC of Banco PRIMUS and Banco BNI (Europe), for the 2020-2023 term, represents a new level in Mazars Portugal's Financial Services activity, in a range of entities that until now were almost exclusive territory of the "Big Four". It proves that Mazars Portugal's Financial Services team is already recognized as a player to be reckoned with in this demanding market".

Pursuing the strategic objective defined for this area, in September 2020 Mazars Portugal appointed two new Associate Partners - Pedro Jesus and Filipe Carvalho - who will share responsibility for the management and growth of this area with the current Head of Financial Services Audit, demonstrating Mazars' strong commitment to developing this activity.


About Mazars

Mazars is a leading international audit, tax and advisory firm that aspires to build the economic foundations of a prosperous and just world. Operating as an integrated partnership, Mazars works as a team, using expertise, scale and cultural proximity to deliver exceptional, tailor-made services to its clients in audit and accounting, tax, financial advisory, consulting and legal advice.

Founded in Europe, Mazars is present in more than 90 countries and territories and has 40,400 professionals - 24,400 in the integrated partnership and 16,000 via the Mazars North America Alliance - dedicated to helping its clients make the most of their business opportunities and act with confidence.

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