Principal Financial Group in Des Moines agreed Friday to buy ABN Amro Trust Services Co., the Chicago pension and retirement business of the Dutch banking giant ABN Amro Holding NV.
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ABN Amro Trust Services sells full-service defined contribution record keeping and investment services in the United States, administering about 300 401(k) plans and $3.6 billion of full-service account values.
Financial details of the deal were not disclosed. It is expected to close Dec. 31.
The deal "furthers our corporate strategy of accelerating the growth and profitability of our U.S. asset accumulation businesses," Larry D. Zimpleman, the president of retirement and investor services at Principal, said in a press release.
