Punjab National Bank announced that it will sell its minority stake in its joint venture with Principal Financial Group, Business Standard reported. With the acquisition, Principal will have complete ownership of Principal-PNB Asset Management Co. Financial terms of the transaction were not disclosed. Principal-PNB Asset Management Co. is the joint venture through which Principal offers mutual funds and asset management services in India. As of Dec. 31, Principal had a 78.6 percent stake in the joint venture. “PNB has been a valuable partner in helping us to grow and establish a presence in the market,” said Pedro Borda, president of Principal Southeast Asia and India. “Principal has been assuming increased ownership in the asset management company over time.”