Thursday, Jan 20, 2005
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By Our Special Correspondent
HYDERABAD, JAN. 19. Andhra Bank has signed a Memorandum of Understanding to acquire 5 per cent stake in Principal PNB Asset Management Company, and Principal Trustee Company. The MoU was signed with Punjab National Bank (PNB), Vijaya Bank and Principal Financial group who are partners in the joint venture. While Andhra Bank will be investing Rs. 13.25 crores for a 5 per cent stake (including distribution and trustee companies), PNB holds 30 per cent, Vijaya Bank 5 per cent and Principal Financial group 60 per cent. T. S. Narayanasami, Chairman and Managing Director, Andhra Bank, said the bank had set for itself a target of Rs. 500 crores in mutual funds business by March. It recently opened 16 financial centres, and had already done Rs. 102 crore mutual fund business.
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