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 ztracer1@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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