Principal Financial acquires minority ownership stake in CCBP

Principal Financial announced that the company acquired a minority ownership stake in China Construction Bank, or CCB, Pension Management, or CCBP, CCB’s pension business with the Social Security Fund of China. CCB will remain as the majority shareholder of CCBP with a 70% interest and an additional minority stake held by the SSF. Principal is the first international company to invest in a bank-sponsored Chinese pension company, with CCB Pension Company being a special pilot allowing end-to-end pension services throughout China. Becoming a shareholder with CCB and SSF in the pension company has long been an important priority for Principal, as it enables the firm to better serve their customers in China and help more people around the world achieve long-term financial security.