The application for CCB-Principal Asset Management. is subject to approval by the
"This landmark agreement lays an important milestone for The Principal, after our 10-year presence in China with two representative offices," said J. Barry Griswell, chairman and chief executive officer, Principal Financial Group.
"With CCB's strong brand name and extensive distribution network of nearly 15,000 branches, the bank controls approximately 15% of mutual fund distribution in China, which will be invaluable to our joint venture as we seek to deliver mutual funds and potentially other financial services to the Chinese public," Griswell continued.