Prinicipal Financial to buy Punjab National Bank's minority stakes in JVs

Investment manager Principal Financial Group Inc said on Tuesday it would purchase Indian lender Punjab National Bank's (PNB) minority stakes in their joint ventures.

The agreement, subject to regulatory approval, would give Iowa-based Principal Financial full ownership of Principal-PNB Asset Management Co and Principal Trustee Co, the company said in a statement.

PNB has 21.38 per cent ownership in Principal-PNB Asset Management Co and 30 percent in Principal Trustee Co, according to the Indian lender's website.

Financial details of the deal were not disclosed.