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MF News PNB to exit MF business

PNB to exit MF business

Punjab National Bank is looking to exit their non-core businesses such as AMC.
Team Cafemutual Nov 7, 2017

The Rs.21.45 lakh crore MF industry soon see the exit of Punjab National Bank.

In a corporate announcement, Punjab National Bank has said that the company will sell its entire stake in Principal PNB Asset Management Company. In fact, the Principal group has exercised call option to buy the entire stake in the company. “Consequent upon the exercise of Call Option by the Principal Group, Board  in its meeting held on 02.11.2017 has approved to offload its entire stake in Principal  PNB Asset Management Company and Principal trustee Company Pvt Ltd to the Principal group,” said the company in its corporate filing.

Principal Mutual Fund manages AUM of Rs.5826 crore as on September 2017.

 

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