Principal Financial Group won government approval to add banking products to its already extensive financial services offerings.

The Office of Thrift Supervision approved the $67 billion-asset insurance company's application for a federal thrift charter late Friday. The Des Moines-based insurer plans to use its thrift to market credit and debit cards, certificates of deposit, checking accounts, and other products to its 10 million customers and 17,000 employees across the country.

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