Punjab National Bank has informed BSE that the Bank had signed a Memorandum of Agreement with Principal Financial Group of Mauritius(PFG) and Vijaya Bank for restructuring of their existing joint ventures on June 23, 2010. The execution of the documents was subject to regulatory approvals. After receipt of the regulatory approvals, the Bank
1. has today sold its 30% stake in distribution JV Company to PFG.
2. has bought PFG and Berger Paints stake of 26% and 25% respectively in Insurance Broking Company
3. has bought PFG and U K Paints stake of 26% and 32% respectively in Principal PNB Life Insurance Company Ltd
Bank's stake in Insurance Broking Company is 81% and in Principal PNB Life Insurance Company Ltd is 88%.
Bank will continue to support Principal PNB Asset Management Company Pvt Ltd for three years.
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