CII drops merger with Antipodean cousin as latter discloses finances

The proposed merger between the Chartered Insurance Institute (CII) and its Australian and New Zealand equivalent (ANZIIF) has been called off over discrepancies in the latter's accounts.

In a statement, the CII said it had become apparent that ANZIIF's revenues were falling dramatically and it was potentially heading for a loss this year, which would be a second year running.

The CII added it was deeply disappointed the ANZIFF management only disclosed the information at such a late stage and

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