Principal Bank to retain individual retirement accounts
DES MOINES, Iowa--(BUSINESS WIRE)--
The Principal Financial Group®, a global investment
management leader, today announced it has received the required
approvals from the Federal Reserve Board to deregister as a savings and
loan holding company.
“We are pleased to receive approval of our application to deregister the
Principal Financial Group as a savings and loan holding company,” said
Larry Zimpleman, chairman, president and CEO of The Principal®.
“This important step allows The Principal to continue to advance our
strategic focus as a global investment management leader.”
During the deregistration process, Principal Bank narrowed its
activities to those of a limited purpose trust savings bank. Principal
Bank will continue offering individual retirement accounts (IRAs) with
Zimpleman also said, “As a limited purpose trust savings bank, we will
continue to provide our customers with the income and savings options
they desire to help them prepare for retirement.”
About the Principal Financial Group
The Principal Financial
Group® (The Principal®)1 is a global
investment management leader offering retirement services, insurance
solutions and asset management. The Principal offers businesses,
individuals and institutional clients a wide range of financial products
and services, including retirement, asset management and insurance
through its diverse family of financial services companies. Founded in
1879 and a member of the FORTUNE 500®, the Principal
Financial Group has $466.2 billion in assets under management2 and
serves some 19.0 million customers worldwide from offices in Asia,
Australia, Europe, Latin America and the United States. Principal
Financial Group, Inc. is traded on the New York Stock Exchange under the
ticker symbol PFG. For more information, visit www.principal.com.
1 “The Principal Financial Group” and “The Principal” are
registered service marks of Principal Financial Services, Inc., a member
of the Principal Financial Group.
2 As of Sept. 30, 2013.
Source: Principal Financial Group