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Prinicipal Financial to buy Punjab National Bank's minority stakes in JVs

PNB has 21.38 per cent ownership in Principal-PNB Asset Management Co and 30 percent in Principal Trustee Co

Reuters 

Punjab National Bank, PNB
A man walks past the building of Punjab National Bank.

manager Group Inc said on Tuesday it would purchase Indian lender Punjab National Bank's (PNB) in their joint ventures.

The agreement, subject to regulatory approval, would give Iowa-based full ownership of Principal-Management Co and Co, the company said in a statement.

PNB has 21.38 per cent ownership in Principal-Management Co and 30 percent in Co, according to the Indian lender's website.

Financial details of the deal were not disclosed.

First Published: Tue, January 02 2018. 16:34 IST
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