The Indian arm of U.S.-based life insurance company Principal Financial Group has purchased state-controlled Punjab National Bank, Principal Financial Managing Director, Sanjay Sachdev, told Reuters.
Principal Mutual Fund, the Indian firm, would not disclose how much it paid for Punjab, only saying, "We have paid a reasonable amount to acquire the PNBs business," according to Reuters.
The fund management business of PNB stands at $24.8 million, bringing Principals total assets in India to $968 million. Principal, with the move, has also added 55,000 accounts to its docket.
will be completed this month.