Principal Financial Group (Mauritius) Ltd. (Principal) today
announced the restructuring of its joint ventures with Punjab National
Bank and Vijaya Bank, in India.
Principal has sold its entire stake (26%) in both the Pnb
Principal Insurance Broking Pvt. Ltd. and Principal Pnb Life Insurance
Company Ltd. to PNB. On the other hand, Principal has acquired the
entire shareholding of PNB (30%) and Vijaya bank (5%) in the Pnb
Principal Financial Planners Pvt. Ltd.
On the eve of signing the agreements, Mr Rajan Ghotgalkar,
Country Head & MD, Principal India statedthat, "The transactions for
transfer of shares and restructure of the Joint Ventures, initiated in
June last year, stood concluded on January 12, 2011."
Also as per the restructure terms, parties (Principal, Punjab
National Bank and Vijaya Bank) continue to remain the shareholders,
(with no change in the shareholding pattern) - in Principal Pnb Asset
Management Company Pvt. Ltd. and Principal Trustee Company.
Further
both the Partner Banks, PNB and VB, stay committed to distribute the
products of AMC.