Principal Sells $200 Million in Deposits to Limit Banking Role

Principal Financial Group Inc., the seller of life insurance and retirement products, agreed to sell $200 million of deposits to BofI Holding Inc. as part of an effort to limit its role in banking amid greater U.S. oversight.

The deal includes funds from individual checking accounts and certificates of deposit, BofI said today in a regulatory filing that didn’t disclose terms.

To contact the reporter on this story: Zachary Tracer in New York at

To contact the editor responsible for this story: Dan Kraut at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.