Global professional services group Deloitte acquired Philippines-based financial advisory firm Primeiro Partners (Primeiro) to establish and stamp its leadership in the end-to-end mergers and acquisitions (M&A), restructuring and financing space, both in the country and in the wider Southeast Asian region.
Deloitte Southeast Asia chief executive Eugene Ho said Primeiro and Stephen Sieh, the man behind the growth and ascent of Primeiro into a leading independent investment bank, would enable Deloitte to have an advantageous position in the aggressively growing Philippine market.
“The Philippines is a very important market in our plans to scale up our practice across Southeast Asia. I believe that Stephen’s and his team’s expertise in advising clients in their most critical decisions, and their keen understanding of industry dynamics and the macroeconomic environment will enhance our already strong capability and give us an innovative edge to the way we go to market,” said Ho.
Primeiro founder and managing partner Stephen Sieh, who now heads Deloitte Philippines’ financial advisory practice, expressed excitement over the partnership.
“It is clear that Primeiro’s strengths and expertise complement Deloitte’s broad range of services, thought leadership, and global presence and network. I look forward to working together to shape a comprehensive and unparalleled approach to the marketplace, anchored by our people focused on providing our clients with the highest levels of execution, ensuring successful outcomes, enhanced reputations and longstanding business relationships,” Sieh said.
Sieh, who completed his MBA in Columbia University, has spent 25 years in investment banking. The first half of his IB career was in New York working for Lazard and Evercore. Twelve years ago he moved to Asia to launch Primeiro Partners as he saw the potential in the growing Philippine market. Primeiro succeeded in fulfilling his vision to be the leading independent investment bank in the country.
Deloitte is optimistic about what their new Philippine partner can bring to the table. Jiak See Ng, Deloitte Asia Pacific financial advisory leader said “Primeiro’s exceptional reputation as an independent advisor will complement and extend our existing practice locally and regionally.”
“There is strong respect in the market for Stephen and the Primeiro team, which has had an impressive record over the years. This high regard will continue with Deloitte and will underpin the next phase of the team’s growth, while retaining the agility, vibrancy and esprit de corps for which they are known,” Ng said.
Speaking on the two business groups mutually benefitting from the prospects facing both the Philippines and the Southeast Asian region, Sieh said: “This is the world’s fastest growing economic region and there is an immense amount of opportunity for corporations and investors to create value.”
“With increased demand for expansion and innovation, clients’ need for a trusted, end-to-end advisor to help explore and execute critical strategic, financial, and operational imperatives are rapidly increasing. This move is hugely driven by our united commitment to help bring transformative advancement and growth to the Philippines and Southeast Asia,” Sieh said.
Since 2012, Primeiro has a track record of originating and advising on over 40 transactions. Meanwhile, Deloitte’s Southeast Asia Financial Advisory practice is powered by more than 600 partners and more than 13,000 professionals whose technical expertise and deep industry knowledge deliver consistently high quality services to companies in the region.
Founded in 1845, Deloitte is a British multinational professional services network which is considered one of the Big 4 accounting firms in the world.
It provides audit, consulting, financial advisory, risk advisory, tax and legal services. In South East Asia, Deloitte’s regional arm comprises of its practices operating in Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
Primeiro Partners is a financial advisory firm founded to provide world-class independent strategic advisory services to leading companies, financial institutions and professional investors in the Philippines and the Asia-Pacific Region. After twelve years of continued operations, it leapt to being a leading independent regional investment bank that advises clients on decisions that impact value creation.