Principal Financial Group Strengthens Position in Southeast Asia

Jan 11, 2018

Des Moines-based Principal Financial Group is expanding its presence in Southeast Asia.

Principal Financial Group corporate headquarters
Credit Principal Financial Group

The asset management company is gaining a larger stake in a joint venture with Malaysian financial services provider CIMB Group Holdings.

Principal is increasing its ownership to 60 percent in a partnership that began in 2004.

Principal will pay CIMB Group $117 million in the transaction, which is expected to close during the second quarter of 2018.

In a news release, Principal says Southeast Asia “is a growing and important region” for the company.