Principal Mutual Fund
Principal Mutual Fund (formerly known as IDBI-Principal Mutual Fund) is a joint venture of Principal Mauritius, Punjab National Bank and Vijaya Bank. The Mutual Fund was initially set up by Industrial Development Bank of India (IDBI) in 1994. Subsequently, on March 31, 2000, Principal Financial Services Inc. USA acquired 50% stake and in June 2003 it acquired 100% stake and became sole sponsor through its wholly owned subsidiary Principal Financial Group (Mauritius) Limited. In May 2004, Principal Financial Group collaborated with two public sector banks- Punjab National Bank (PNB) and Vijaya Bank to form a joint venture The stake of Principal Mauritius, Punjab National Bank and Vijaya Bank in the fund is 65%, 30% and 5% respectively.