McDonald’s Corp. is selling its restaurants in Russia to one of its current local licensees, who will reopen the branches under an undetermined new identity – the most high-profile rebranding of corporations exiting Russia so far.
Hundreds of Western firms have announced their intention to leave the market in order to avoid being associated with Russia’s massive military assault in neighbouring Ukraine.
The ‘Big Four’ accountancy and consulting firms in the world have terminated connections with Russia. The Russian entity has already been rebranded in three cases.
PricewaterhouseCoopers LLP announced that its Russian unit would be renamed Technologies of Trust.
‘While it can take years to earn trust and an outstanding reputation, they can be eroded immediately,’ said Technologies of Trust.
According to a May 18 regulatory filing by one of Deloitte’s key Russian clients, mobile operator MTS, the former Russian division would be renamed ‘Business Solutions and Technologies.’
According to its website, EY’s previous Russian unit has been renamed Audit Technologies and Solutions Centre – Audit Services.
KPMG announced in March that its 4,500 partners and employees in Russia and Belarus will be leaving the KPMG network.
‘All official aspects of engagement will be dealt out with each client individually,’ it stated on March 7, without specifying if the company will reopen under Russian ownership.
PwC declined to speak further. Deloitte, EY, and KPMG did not react promptly to inquiries.