Principal Financial eyes Thailand operations through CIMB tie-up

US company seeks mutual fund and asset management business as it targets 20% growth overseas market.

Principal Financial Group Inc is in the process of entering Thailand, and expects first-quarter revenue from its key pension plan product at the lower end of its prior forecast.

Chief Executive Larry Zimpleman and Chief Financial Officer Terry Lillis said Principal Financial currently has operations in Brazil, Chile, China, Hong Kong, India, Indonesia, Malaysia, Mexico and Singapore. Thailand will be its tenth international foray.

Principal is also looking at opportunities in the Chinese enterprise annuity business and the mutual fund business in Brazil, the executives said.

They expect the company to grow 16 to 20 percent each year in international markets.

View the full story in Reuters.