Principal Financial Group buys Punjab National Bank out of MF

Punjab National Bank (PNB), India’s third-largest public lender, has sold its 21.38 per cent stake in joint venture Principal-PNB Mutual Fund to the US-based Principal Financial Group for an undisclosed sum.
 
Subject to regulatory approval, the entities signed a share purchase agreement to transfer full ownership of the asset management business to the Principal group.
 
“PNB has been a valuable partner in helping us to grow and establish a presence in the market. Principal has been assuming increased ownership in the asset management company over time,” said Pedro Borda, president of Principal Southeast Asia and India.
 
Assets