The Hindu : Business : Principal AMC ties up with 2 banks

Online edition of India's National Newspaper
Saturday, Jul 03, 2004

Business

Business

Principal AMC ties up with 2 banks

By Our Special Correspondent

MUMBAI, JULY 2. Principal Asset Management Company today tied up with Punjab National Bank and Vijaya Bank to form Principal PNB Asset Management Company (in partnership with Vijaya Bank).

The coming together of these three financial institutions will help augment the infrastructure of Principal Mutual Fund. Principal Financial Group will hold 65 per cent stake in the new company, Punjab National Bank 30 per cent and Vijaya Bank the balance 5 per cent.

Speaking on the occasion of the launch, S. S. Kohli, Chairman and Managing Director, PNB, said, "We are convinced about our strengths in attracting a positive response from investors, even from the smaller towns, and our tie-up with Principal and Vijaya Bank will help our products reach a wider base of new investors in new expanding markets."

Commenting on the tie-up M. S. Kapur, Chairman and Managing Director, Vijaya Bank, said, "The combined resourcefulness and talents of this significant alliance are merely a first step towards making a difference towards the way we will hence forth conduct our business in this country."

Norman Sorensen, President, Principal International, stated, that "We are confident that this alliance with PNB and Vijaya Bank will considerably enhance our distribution and marketing network throughout the country."

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