Principal creates bancassurance post

Irene Chung will promote the firm''s funds to regional and global banks.

The firm now sells its mutual funds and pension products via bank channels in Hong Kong, India and Malaysia, and is in talks with potential bank partners in Japan. Its strategic partners include Punjab National Bank and Vijaya Bank in India, and Bumiputra-Commerce Bank in Malaysia. It also has sales deals with other local banks in those markets as well as global names such as Citibank, Deutsche Bank, HSBC and Standard Chartered. In Hong Kong it is on the shelves of Bank of America, Bank of China, Wing Hang Bank, and others.

Principal does not have, nor intends to have, its own in-house sales force. Rather it relies on third-party distributors. Therefore the...

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