Principal to acquire ownership of joint venture with Punjab National Bank
Mumbai, Jan 2 : Principal Financial Group and Punjab National Bank (PNB) announced the signing of a shares purchase agreement to give Principal full ownership of the Principal-PNB asset management company and Principal Trustee Company Private Limited in India,pending regulatory approval.
”Punjab National Bank has been a valuable partner in helping us to grow and establish a presence in the market,” said Pedro Borda, President of Principal Southeast Asia and India.”Principal has been assuming increased ownership in the asset management company over time, and we are excited to continue to invest and grow in India.
Principal has been in India for nearly 20 years, delivering investment products and services to retail and institutional clients.
”India’s large emerging middle class has a growing need for and interest in long-term saving and investment products,”said Borda.