NU Online News Service, July 1, 2004, 5:42 p.m. EDT
The Principal Financial Group Inc., Des Moines, Iowa, has completed previously announced plans to sell its 68-year-old mortgage banking unit to Citigroup Inc., New York, for $1.3 billion.[@@]
Principal will end up with $720 million in after-tax net proceeds, the company says.
The company had set a goal of completing the deal by Sept. 30.