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Principal to acquire ownership of joint venture with PNB 02/01/2018 17:26

The US-based Principal Financial Group today said it has proposed to pick up PNB's stake in Principal-PNB Asset Management Company and Principal Trustee Company in India, reported PTI.

PNB has signed a share purchase agreement to give Principal full ownership in the two entities pending regulatory approval, the US-based group said in a statement.

PNB holds 21.38 per cent in Principal PNB Asset Management and 30 per cent in Principal Trustee.

"Punjab National Bank (PNB) has been a valuable partner in helping us to grow and establish a presence in the market," said Principal Financial Group President Pedro Borda (Southeast Asia and India).

Principal has been assuming increased ownership in the asset management company over a period of time, and the company is excited to continue to invest and grow in India, he said.

The company has been in India for nearly 20 years, delivering investment products and services to retail and institutional clients, he said.

In future, Principal India is planning for even more digital innovation to help advisors serve their customers better, and give them greater access to manage their finances online, Borda added.

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