Principal Financial Group completes restructuring

Mumbai, Jan 14 (PTI) Mauritius-based Principal FinancialGroup today said it has completed the restructuring jointventures in the financial services space with its partnersPunjab National Bank (PNB) and Vijaya Bank.

The restructuring began in June last year and involvedPrincipal selling its 26 per cent stake in Principal InsuranceBroking and Principal PNB Life Insurance Company to the PunjabNational Bank, a release issued here said.

As part of the same process, Principal has acquired theentire shareholding of PNB (30 per cent) and Vijaya Bank (5per cent) in PNB Principal Financial Planners, the releaseadded.

However, shareholding patterns of Principal PNB AssetManagement Company Pvt. Ltd (the mutual fund) and PrincipalTrustee Company--which are jointly owned by PNB, Principal andVijaya Bank--remain unchanged, it said.