PwC has lost its largest mainland China-listed client, Bank of China, to rival EY, amid a regulatory probe into its work on China Evergrande Group. Despite plans in March to reappoint PwC for 2024, Bank of China announced it will propose EY as its new auditor, pending shareholder approval. PwC, which received CNY193m (USD27m) in fees from Bank of China last year, declined to comment. The bank’s move follows a broader trend, with PwC losing several major state-owned clients, including China Life Insurance and China Telecom, amid regulatory pressure. EY and KPMG have absorbed about half of PwC’s departing clients, filings show. PwC has audited Bank of China since 2021.