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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