The Indian arm of U.S.-based life insurance company
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.