PwC Luxembourg, Portugal Open New Porto Office

On Monday 7 October 2024, PwC announced that it recently inaugurated its new office, PwC Services Portugal, located in Porto (Matosinhos), which is a partnership between PwC Luxembourg and PwC Portugal.

The inauguration took place on Thursday 3 October 2024. This new entity is entirely dedicated to the Luxembourg financial sector. It is expected to create hundreds of highly qualified jobs attracting students and graduates from leading universities in Portugal.

PwC noted that the financial industry is growing in Luxembourg, in Europe and around the world, subject to strict assurance and compliance standards as well as regulatory challenges on money laundering, compliance requirements in IT systems, cybersecurity, artificial intelligence (AI) and ESG criteria. This partnership aims to develop Portuguese resources to become specialists in the financial sector and more specifically the investment fund industry, thus contributing to creating a highly qualified combined workforce between Portugal and Luxembourg.

Highlighting the network of local talent in the region, PwC Luxembourg's Managing Partner François Mousel stated: "Setting up PwC Services Portugal was a natural choice considering the proximity of the North Region of Portugal to a rich pool of talent and renowned universities. This ensures a constant presence of qualified people interested in working with PwC, which is an asset for our firm. The deep historical and cultural ties between Portugal and Luxembourg, rooted in shared values and mutual respect, also provide a solid foundation for fostering strong and collaborative relationships. As we continue to develop and evolve, PwC Services Portugal stands out as a key milestone in sustaining new volumes of business and maintaining the quality of the services we provide."

According to António Brochado Correia, PwC Portugal's Territory Senior Partner: "In the initial phase, this project will have around 230 employees already hired, distributed throughout a single 4,500 m2 building, and we estimate reaching 700 employees within three years. We believe that this is a relevant milestone for the North Region of Portugal and the country, as it will contribute to the creation of highly educated jobs in the financial industry and the sector's new regulatory and business requirements, attracting the best talent from universities and experienced professionals. The conditions have been created for this to be another successful collaboration, joining others that already exist in Portugal, and are expected to grow significantly in the coming years, providing benefits for the companies involved, for the communities, employees and customers. It is also a notable recognition of Portuguese talent and our ability to cooperate with shared values."

PwC Luxembourg's Deputy Managing Partner, Technology and Transformation Leader Olivier Carré emphasised the benefits of the project: "Establishing PwC Services Portugal was driven by multiple, mutually beneficial considerations. This initiative provides us with access to a dedicated team of Remote Team Members (RTMs) who are seamlessly embedded into our operations, working in close alignment with our Luxembourg collaborators. This model not only guarantees a consistent, top-tier service but also offers a sustainable way of attracting talented people, while fostering the growth of skilled professionals in Portugal and Luxembourg."

The inauguration of the new office was attended by the executive committees of PwC Portugal and PwC Luxembourg, as well as the Mayor of Matosinhos, Luísa Salgueiro, and the Secretary of State for Economy, João Rui Ferreira.