The Principal Financial Group announced Wednesday that its subsidiary, Principal Financial Group Ltd., has reached an agreement with the Industrial Development Bank of India (IDBI) to purchase IDBI’s 50% stake in IDBI-Principal Asset Management Co. Ltd. for an estimated $20 million. Through this agreement, Principal will now have a 100% stake in IDBI..

"We are extremely pleased by the success we’ve found in the Indian market. Bringing our global expertise and technology into one of the world’s largest and fastest-growing population centers in the financial services business has greatly benefited us, as well as our customers," said Rex Auyeung, senior vice president, Principal International. "We are looking forward to continuing to serve India, with a new array of highly attractive financial products and services."

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.