Mazars. Press release

The Good Bank – Global Report 2013

For the last six months, Mazars has taken part in a global conversation led by The Economist Group which brought together experts to ask the critical question: “What does it take to be a Good Bank?”

The Good Bank report, published by The Economist Intelligence Unit and Mazars brings together the results of a live webcast debate, online discussion and research featuring the contributions of senior banking executives and financial services experts. The purpose of the debate was to sketch the profile of a sustainable, effective and trustworthy bank.

How can be regained lost confidence?
Who will be the next successful business model? That is the role that it should play a “good Bank“? Mazars group rests, among other things, the responsibility to support independently of the operational model in order to enhance transparency, quality and confidence in the banking sector, thereby promoting financial stability and return to sustainable growth, “explains Charles of Boisriou, Global Head of Banking-Mazars.

The discussions revolved around what are seen to be the pillars of a Good Bank:

Trustworthiness: how can banks regain the trust of a still sceptical public?
Innovation: a majority (52%) of those polled during the live, webcast debate believes that the most valuable innovations in banking are coming from outside the banks themselves.
Effectiveness: can banks provide the credit that economies require to grow and satisfy the needs of shareholders, regulators, depositors and the wider public interest?

From our point of view, progress can be promoted on two ways: through legislation or through the adoption of best practices by the players on the market. Both are necessary and complement each other. Best practices meeting the public interest should be adopted and implemented naturally, especially those who have already proven the beneficial effect on the banking sector. Organisation of debates similar to those proposed by The Good Bank program contributes to the identification of more effective solutions, due to the diversity of the participants and of the views expressed.

“Competition ultimately is going to be the best force here. It won’t be governments; it won’t be regulators; it won’t be politicians. It will be competition that drives the standards and improvements.”
Jonathan McMahon, Partner at Mazars, Global Head of Regulation and Bank Restructuring

“Banks are faced with the need to attract top flight talent in an environment where there is pressure, legal or otherwise, to cap executive pay, as well as the obligation to provide lending and liquidity to the marketplace, while faced with these regulatory pressures. They need to do all this while simultaneously enhancing shareholder value. This balancing act has to be maintained in equilibrium while banks work to rebuild clients’ trust.”
Steve Brecher, Partner at Weisermazars

In Romania:
“Since the period before the crisis, some banks in Romania and conjugated their efforts to break the wall of ice created artificially between the credit institution and the customer in the 1990s, from an explainable reluctant toward risk of credit institutions, complemented by a gap of free practice and a statistical structures. Thus, since the early 2000s, and the “friendly” approach to our clients and the real issue facing them represent for credit institutions in Romania a business model, in the present being strenghten institutions and banking procedures which aim at cultivating a constructive dialogue between the Bank and the customer, “said Matthew Dan-Senior Counsel, SCA Duncea, Ştefănescu/Mazars.

Why Mazars?
Active participation in public debates

Currently, can no longer be denied that the current economic and financial crisis, which destabilize the world economy since 2008, has affected the balance of the year and now requires deep structural reforms that would reopen the path to international financial stability and the vigorous economic growth and profitable for all.

The Group Mazars is committed to facilitate the organisation of debates and discussions on economic issues of the utmost importance. We believe that enhancing the role of collective intelligence is a decisive factor, leading to the establishment of more effective forms of cooperation and which makes it possible to implement appropriate and well thought out solutions for any imbalances. That is why we are proud to participate in the program The Good Bank.

At Mazars, whose model is constantly stimulated by the development of the diversity of our people and of the complementary nature of their spheres of competence, we are convinced that the best possible answers to the challenges posed by the current situation will have as collective intelligence. Indeed, we can see that companies, communities and States which progresses are those capable of providing a common goal, their efforts to elucidate the complex current issues and adopt a vision where every individual can have an impact, and can contribute to the collective dynamics thus generated.

Transparency and trust: the model proposed by Mazars

In direct connection with the obligation to serve the public interest, which we consider our professions are involved, we express our belief that one of the responsibilities of the Mazars group as a whole is to support independent organisational model for our professions. We believe that this model should increase the transparency and confidence in capital markets and thus promote financial stability and restore economic growth. This is the purpose that has guided our active contribution to the debate on the care professionals auditing. This explains our choice and to publish an annual report which presents consolidated accounts in accordance with IFRS and audited independently. So far, we are the only international group specialised in auditing and consulting services which are subject to such a demanding exercise, under the same conditions as our customers listed on the stock exchange.

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On the site you can see some of the Mazars views of experts about key topics, such as “The European stress test”,-“The Good Bank: Simplicity is a Complex Issue,” “A Paradigm Shift-Seeking Transparency in the Global Tax Law”: http://www.mazars.com/index.php/Home/Insights/The-New-Face-of-Banking

About Mazars:

Mazars is an international, integrated, independent, specialised in audit services, financial consulting, accounting, payroll, tax counseling & and legal, provided over 13,500 professionals in 71 countries, with coverage on all 5 continents.
• Audit more than 450 companies listed and advising of the highest quality reviews, Mazars ranks places 5-10 in any of the countries where it is present.
• In the 2011-2012 financial year, the Group recorded a turnover of 1.013, 4 Mio EUR, representing an increase of 6% compared to the prior period.
• Is the only auditing and consulting firm which, in a spirit of openness, public (in 2005) the Group’s consolidated accounts, audited in accordance with IFRS: http://annualreport.mazars.com/.

• Mazars operates in Romania since 1995, and from September 2013 Mazars and Adevaris (Romanian firm tax consulting and auditing, founded in 2003 and has operated under the name LeitnerLeitner between 2009 and 2012) have joined forces to form a strong team, thus enhancing Mazars position as one of the largest firms of Auditors and advise on the Romanian market.
• Local Team includes over 170 chartered accountants, auditors, tax consultants and payroll, lawyers specializing in areas such as auditing services and financial consulting, tax consulting, outsourcing and payroll accounting services, legal advice.
• Office of Mazars in Romania had in 2012 turnover of approximately EUR 4.3 million, a slight increase from the previous year, and the result of the merger with Adevaris, it is expected a growth of 50% of annual revenue.

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