US-based Principal Financial Group has acquired 4.03% of Vijaya Bank’s stake in Principal PNB Mutual Fund. The group has also acquired 5% stake in the trustee company. The group has been in a joint venture in the Principal PNB AMC with Punjab National Bank and Vijaya Bank since May 2004. Now, with Principal’s consolidation of its holdings in the JV, Vijaya Bank is left with no stake in the AMC, while PNB’s holding in the mutual fund is reduced to 30%. Principal now has 70% holding in the JV. As on 31 March, assets under management of Principal PNB AMC stood at Rs 4,134 crore.
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