- Principal Financial Group ( NASDAQ: PFG ) said on Friday that it has acquired a minority ownership stake (17.647%) in China Construction Bank ( CCB ) Pension Management Co., Ltd. ( CCBP ), CCB’s pension business with the Social Security Fund of China (SSF).
- By expanding global footprint, will provide Chinese customers access to retirement solutions.
- CCB will remain as the majority shareholder of CCBP with a 70% interest and an additional minority stake (12.353%) held by the SSF.
- The move provides Principal with a significant foothold in the growing employer-sponsored pension segment of China's pension market and the emerging individual retirement market.
- The addition is immediately accretive to earnings.
For further details see:
Principal Financial acquires minority ownership stake in CCBP