PwC loses Bank of China as client: report

Bank of China plans to appoint EY as its auditor for 2024.

Auditor PwC has lost its largest mainland China client Bank of China to rival EY.

The China-based megabank said that it plans to appoint EY as its auditor for 2024, reports Reuters, based on a bourse filing on 19 August. The decision will be submitted for shareholder approval, the BOC said.

Bank of China (BOC) paid PwC an estimated $27m in auditing fees in 2023. This is more than the combined auditing fees from PwC's next three biggest domestically listed clients in 2023: China Life Insurance, China Telecom, and insurer PICC. 

The trio have also dropped PwC as a client, according to filings.

Here’s more from Reuters.