Punjab National Bank said it signed a memorandum of agreement (MoA) with Mauritius-based Principal Financial Group and Vijaya Bank for restructuring of their existing joint ventures.
Both the lenders will continue to support Principal in the asset management company for next three years. PNB and Vijaya Bank will sell their 30% and 5% stake in the distribution joint venture company to Principal.
Similarly, PNB will buy Principal’s 26% stake and Berger Paints’ 25% stake in the insurance broking company. PNB will buy out Principal and UK Paints stake of 26% and 32%, respectively in Principal PNB Life Insurance Co Ltd.
On Wednesday, PNB shares ended 0.4% up at Rs1,050, while Vijaya Bank shares ended 2.6% up at Rs64 on the Bombay Stock Exchange. The benchmark Sensex closed 0.04% up at 17,755 points.
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