Punjab National Bank (PNB) has reportedly entered into agreement with Principal Financial Group to sell its stake in mutual fund joint venture (JV). The deal will give Principal full ownership of the Principal-PNB asset management company and Principal Trustee Company in India.
The bank had 21.38 per cent stake in Principal PNB AMC. Principal PNB Mutual Fund has asset of Rs. 5,825 crore under management as of September quarter-end.
PNB is one of the oldest banks in India having a virtual presence in every important center of the country. The Bank caters to a wide variety of audience through spectrum of services including corporate and personal banking, industrial finance, agricultural finance and international finance.
