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Pr  rhouse

Samuel Lowell Price, an accountant, started his practice in London in 1849. In 1865
Price went into partnership with William Hopkins Holyland and Edwin Waterhouse.
Holyland left shortly after to work alone in accountancy and the firm was known from
1874 as Price, Waterhouse & Co. (The comma was dropped from the name much
later.) The original partnership agreement, signed by Price, Holyland and Waterhouse
could be found in Southwark Towers, one of PwC's important legacy offices (now
demolished and is the new site for the Shard London Bridge) in London.

By the late nineteenth century, Price Waterhouse had gained significant recognition as
an accounting firm. As a result of trade between the United Kingdom and the United
States of America, Price Waterhouse opened an office in New York in 1890, and the
American firm itself soon expanded rapidly. The original British firm opened an
office in Liverpool in 1904 and then elsewhere in the United Kingdom and countries
abroad, each time establishing a separate partnership in each country: the worldwide
practice of PW was therefore a federation of collaborating firms that had grown
organically rather than being the result of an international merger

In a further effort to take advantage of economies of scale, PW and Arthur Andersen

had discussed a merger in 1989 but the negotiations failed mainly because of conflicts
of interest such as Andersen's strong commercial links with IBM and PW's audit of
IBM.

In March 2002, Arthur Anderson,LLP affiliates in Hong Kong and China completed
talks to join PriceWaterhouseCoopers, China

Coopers & Lybrand

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