Firms in Montenegro and North Macedonia join global groups

Professional services firms Baker Tilly and Russell Bedford have expanded their presence in the Balkans with the addition of members firms in Montenegro and North Macedonia. 

In Montenegro, a country with a population of just 622,000 inhabitants, Podgorica-based TPA Montenegro has affiliated with Baker Tilly, one of the ten largest global networks of accounting and consulting firms.

Commenting on the expansion, Ted Verkade, CEO of Baker Tilly said; “We are delighted to welcome TPA Montenegro to our network. The firm shares our ambition to provide the insights our clients need now, to prepare for tomorrow’s challenges and to seize tomorrow’s opportunities. This collaboration broadens our service offering across the Balkan region.”

TPA Montenegro is led by Dušanka Ivović, who has extensive experience in the accounting and professional services industry. She leads a team of nine – three partners and six members of staff – specialised in audit, accounting, consulting and taxation services across a range of industries, including real estate, fast moving consumer goods, construction and financial institutions.Meanwhile, in the Republic of North Macedonia, formerly known as Macedonia (the country changed its name earlier this year after almost three decades of diplomatic dispute), Skopje-based B&Lj has joined the network of Russell Bedford.

B&Lj is one of the larger accounting and advisory firms in the country, ranked 10th in the audit market and in 5th position with regard to audits of publicly listed companies. In the audit segment, B&Lj services some 90 audit clients in sectors including manufacturing, construction, healthcare, energy, fashion, media, professional services and finance. The firm also supports its clients with valuation, financial consulting and tax services. 

Speaking of the affiliation, Borislav Atanasovski, a senior partner at B&Lj, said, “We are extremely enthusiastic about the membership. Russell Bedford is a network that is committed to continuous growth and development, and we look forward to being part of that journey while working together with our fellow members for mutual benefit.” 

Stephen Hamlet, the CEO of Russell Bedford, said that he is delighted with the prospect of welcoming a top 10 firm to its network in the Balkans. “Founded in 1994, B&Lj was the first local audit firm registered in what is now the Republic of North Macedonia. As the quality of a firm is one of the most important factors when recruiting new firms, B&Lj was an ideal candidate for network membership.”

Earlier this year, Russell Bedford added a member firm in Albania, another former Yugoslavia country.