Principal Financial Group is expected to announce today that it has acquired a 60% ownership interest in a Chilean mortgage lender, Andueza y Cia, Agentes de Mutuos Hipotecarios SA.

The Chilean company services $30 million of Chilean home loans, but Principal expects that figure to double by next year. The U.S. insurance giant will put its mortgage banking unit, Principal Residential Mortgage Inc., in charge of Andueza.

Principal is investing between $1 million and $2 million in Andueza, said Paul F. Bognanno, president and chief executive officer of the mortgage unit.

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