Principal Financial, CIMB Realign Southeast Asia Ventures

By Sarah Coffey Features Dow Jones Newswires

Principal Financial Group (PFG) on Thursday said it is raising its stake in two southeast Asia asset-management ventures with CIMB Group Holdings Bhd. (1023.KU)

Continue Reading Below

Principal agreed to pay CIMB, Malaysia's second-largest bank by assets, up to $117 million for additional ownership of CIMB-Principal Asset Management Group and CIMB-Principal Islamic Asset Management, the companies said.

Once the deal is complete, Principal will own 60% of the asset-management companies, with CIMB retaining 40% ownership. The companies will continue to co-manage the ventures.

The transaction is expected to close by the end of June, pending regulatory approval.

Write to Sarah Coffey at sarah.coffey@wsj.com

(END) Dow Jones Newswires

Continue Reading Below

January 11, 2018 07:44 ET (12:44 GMT)