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Wednesday, 3 January 2018

PNB sells entire stake in Principal Financial Group JV

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Punjab National Bank (PNB) has sold its whole stake in the JV with Principal Financial Group to give full ownership of Principal PNB AMC and Principal Trustee Co. Pvt. Ltd in India. The Principal Financial Group would purchase PNB’s minority stakes in their joint ventures.  The agreement is depending on regulatory approval.

According to the website of PNB, the second largest public sector bank by market cap, it holds 21.38% in Principal PNB Asset Management Co. and 30% in Principal Trustee.

Principal PNB Asset Management Co. is the investment manager to Principal Mutual Fund.

Shares of PNB was trading at Rs.167.85 up 0.87% at NSE, mid-noon hours, Wednesday


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