TIO SALE: As Nine News revealed Allianz will buy the insurance - TopicsExpress

TIO SALE: As Nine News revealed Allianz will buy the insurance arm of TIO and Peoples Choice Credit Union is set to buy the banking arm of TIO. In a deal worth $424million. $215millon will go to the Infrastructure Development Fund. $50million to flood mitigation $9million spent on sale fees and the remaining to build economic community infrastructure. The TIO brand will remain as will jobs and sponsorship. The government has kept ownership of the MAC scheme (Motor Accidents Compensation) but Allianz will manage it.

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