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Principal Financial Group and Punjab National Bank (PNB) has signed shares purchase agreement for giving Principal Group full ownership of the Principal-PNB Asset Management Company and Principal Trustee Company Private Limited in India, subject to regulatory approval.
This means that PNB will divest its entire stake in Principal-PNB Asset Management Company and Principal Trustee Company Pvt Ltd to Principal Group. PNB had 21.38% stake in Principal PNB AMC.
Further, as per, 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.”
