Principal Financial Targets Bank Exit

By Dana Wilkie

Principal Financial Group Inc., the seller of life insurance and retirement products, is seeking to exit banking to limit U.S. oversight.

The insurer filed a draft application to end its status as a savings and loan holding company to avoid Federal Reserve regulation that may limit investing and require the Des Moines, Iowa-based company to hold additional capital. The bank operates online with no physical branches and isn’t now seeking a buyer for the unit, said Susan Houser, a company spokeswoman.

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