Principal to Acquire Ownership of Joint Venture with Punjab National Bank

MUMBAI:
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 Limitedin 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. “We look forward to leveraging our global expertise in retirement and asset management to help Indians achieve their personal investment goals and greater financial security.”
This announcement reinforces a historical and growing commitment from Principal to investing in India, particularly through innovation. In the future, Principal India is planning for even more digital innovation to help advisors serve their customers better, and give customers greater access to manage their finances online.