Principal Financial Group issued the following announcement on Aug. 29.

Principal Financial Group announced today the completion of a full share buy-back of PNB’s shares giving Principal full ownership of the Principal Pnb Asset Management Company Private Limited.

“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 Southeast Asia and India. “Punjab National Bank continues to be a valuable partner as a distributor through their vast branch network.”

Principal has been in India for nearly 20 years, delivering investment products and services to retail and institutional clients. In the future, Principal is planning to continue to bring innovation to the Indian market through digital advancements that will help our distribution partners better serve their customers and give customers greater access to manage their investments online.

As a global asset management leader in providing their customers’ long-term financial security, Principal helps middle class citizens in 10 emerging markets across Asia and Latin America plan and invest for their financial security through our retirement and long-term savings franchise.

“India has a large emerging middle class who will benefit from innovation and additional access to long-term saving and investment products,” said Borda. “We are excited about this next chapter for Principal in India as we continue to invest in and explore growth opportunities that enable us to bring our global asset management expertise to the local market.”

Pending regulatory approval, the Asset Management Company will be known as Principal Asset Management Company Private Limited.

Original source: https://www.principal.com/about-us/news-room/news-releases/principal-completes-acquisition-principal-pnb-asset-management-company-india