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 IDBIs 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 weve found in the Indian market. Bringing our global expertise and technology into one of the worlds 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."