Principal Financial, CIMB Realign Southeast Asia Ventures

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)

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

(END) Dow Jones Newswires

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