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The Principal Financial Group (PFG) has completed the acquisition of Punjab National Bank’s stake in Principal PNB Asset Management Company Pvt Ltd.
PNB, which held 21.38 per cent stake in the asset management company, had signed an agreement in January this year with PFG to sell its entire stake. At the end of June 2018, the fund house was managing ₹7,418-crore worth assets.
“We are excited to build on our commitment to helping Indians achieve their personal investment goals and increase their long-term financial security by further investing in this important market,” said Pedro Borda, President of Principal South-East Asia and India, in a release.
Principal has been in India for nearly 20 years.
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