Officials during the inauguration of new office, PwC Services Portugal. Credit: PwC.

Accounting giant PwC has opened a new office, PwC Services Portugal, in Porto (Matosinhos), Portugal.

This new establishment marks a significant collaboration between PwC Luxembourg and PwC Portugal, focusing on the Luxembourg financial sector.

The initiative is expected to generate hundreds of job opportunities in the area, drawing talent from Portugal’s top universities.

The PwC Luxembourg Portugal partnership is strategically positioned to develop Portuguese talent into specialists within the financial and particularly the Investment Fund industry.

PwC Luxembourg deputy managing partner, technology & transformation leader Olivier Carré said: “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.”

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In the initial phase, PwC Services Portugal will have about 230 employees in a 4,500m² building, with plans to grow to around 700 employees within three years.

PwC Portugal territory senior partner António Brochado Correia said: “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.”

PwC Luxembourg employs more than 3,700 individuals from 94 different nations. It offers a broad spectrum of services such as audit, tax, and advisory, including management consulting, transaction, financing, and regulatory advice.

The firm caters to a diverse clientele, ranging from local and middle-market entrepreneurs to large multinational corporations that operate from Luxembourg and the Greater Region.