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Deloitte has a long history in Luxembourg - what started out in the 1950's as a small accountancy practice "The Agency" is today a multidisciplinary firm, part of a huge global network!
Deloitte Luxembourg history
Messrs. Gerbes, Kioes and Schmitter, capital in hand, set about incorporating an SàRL named "L'Agence" in 1950.
In 1951, the Ordre des Experts-Comptables Luxembourgeois was founded, as a non-profit organisation.
In 1953, Jean Hamilius, a graduate in Business Studies, joined “L’Agence” and teamed up with René Schmitter to form "Hamilius & Schmitter”, Organisateurs-Conseils SeNC.
In 1959, the government established the "Board of Industrial Development" with a remit to canvass U.S. manufacturing and banking concerns and demonstrate to their senior executives the advantages of locating a subsidiary in Luxembourg.
In the financial sector, 21 February 1959 was the date of registration of the first ever Luxembourg mutual fund - a Fonds Commun de Placement christened "FCP Eurunion". And so began a new chapter which was to see explosive developments in the 1980's.
1961 saw the birth in Luxembourg of Crédit Européen, a bank specialising in consumer credit, an activity disdained by the existing banking community.
At that time,” Hamilius & Schmitter” and “Gerbes, Kioes & Cie.” supplied the new venture with comprehensive accounting and administrative services and supported its onward growth with advisory and other professional services as well the introduction of new business.
In April of 1968, the partners hit upon a most judicious of solutions – the merger of the two firms under a single "multipurpose" banner encompassing the whole range of services offered. “Fiduciaire Générale de Luxembourg” was born.
The early 1970's saw a number of large-scale industrial companies begin operations in Luxembourg – TrefilArbed, Goodyear Wire Plant, Goodyear Mold Plant, Du Pont de Nemours – provided a significant shot in the arm to the Luxembourg economy in general and its manufacturing sector in particular.
In 1978, Fiduciaire Générale de Luxembourg decided it was in the firm's interest to join a large international group, but which one? At the end of the day, the key factors in their ultimate choice of Touche Ross, the smallest member of the Big Eight, were its size and style, which they felt made it unlikely to exert too much influence over the business of FGL.
The 1980's saw the emergence of Private Banking as a serious force in the banking industry, gradually taking over the mantle of Euro-loans as the leading light of the financial center.
In the tertiary sector, a new line was making significant strides – services to business. The rapid ascension of this new economic sector was as much a function of that recent phenomenon of subcontracting certain functions or services to specialist providers of the tertiary sector. The larger-scale manufacturers began to queue up to "outsource" their accounting, tax, legal, computer, training and even certain administrative functions in order to concentrate resources on their "core" activities.
In 1984, the Law of the 28th June implemented the provisions of a European Directive and laid down an official framework for the auditing profession in Luxembourg. The accounting community would look to this new legislation as a turning point in the recognition, codification and orderly development of the profession.
Deloitte & Touche Consulting was incorporated as a legal entity in 1991. The decision to house the firm's consulting business in a separate vehicle from Fiduciaire Générale Group stemmed from the substantial differences between the disciplines of consulting and accounting/auditing.
The process of fundamental structural reform of the Fiduciaire Générale Group was initiated in 1996 and concluded the following year. The purpose of the reform was to establish a clear structure, headed by an SàRL held by the partners in Deloitte Touche Tohmatsu.
In 1999, Touche Ross Luxembourg SàRL was absorbed by Deloitte Touche Tohmatsu.
One word says it all : Deloitte & Touche becomes Deloitte.
Since 1 October 2003, our organisation has been recognised in the marketplace by the single brand name "Deloitte." It is the name by which we are most widely known around the world and the name to which we are most often abbreviated. It illustrates the completeness of the Deloitte proposition and our integrated approach to solving clients' problems.
Executives are facing more complex issues than ever before and have to respond to a greater number of constituents in a shorter time frame. Deloitte brings a unique and more comprehensive way of looking at every issue and understands the broader implications of each business decision. Our ability to collaborate more effectively, combined with our broad range of services, enables our member firms to create the more complete solution.
2004 - Deloitte moves into a new building: 560 rue de Neudorf in Luxembourg. The new building was fully equiped for Voice Over IP, one of the first such installations in Luxembourg.
2005 - The number of people at Deloitte Luxembourg increases to 700. Deloitte reinforces its strategy to continue into multidisciplinary services.
2010 - DTTL takes number one position as the largest professional services organisation in the world. And Yves Francis becomes the new Managing Partner of Deloitte Lxuembourg.
2012 - The number of people at Deloitte Luxembourg increases to 1300.