EY South Africa Splits its Practice
Ernst & Young South Africa has announced that it has officially separated its accounting and consulting units.
The consulting unit, which will be called 'Argil Ernst & Young Consulting,' was purchased by Worldwide African Investment Holdings, a major black empowerment group that already has an established relationship with EY, having formed a 60/40 joint venture last year.
The new unit's main business focuses will be on the oil industry, telecommunications and financial services.
Those curious about why Cap Gemini, the European firm that bought the Ernst & Young International's consulting firm, did not purchase the South African unit should know that Cap Gemini's South African subsidiary was recently sold and not a part of the parent group.