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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
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
