Principal Financial Group has formed a joint venture with two banks in India in order to sell long-term mutual funds and other financial services in that market.

Principal Financial will own 65% of the new company, Principal PNB Asset Management Co., while Punjab National Bank will own 30% and Vijaya Bank will own 5%. Principal Financial has sold mutual funds in India since 2000, having first entered the market via a partnership with the Industrial Development Bank of India.

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