Principal Financial close to Wells Fargo retirement unit acquisition-sources
Principal Financial close to Wells Fargo retirement unit acquisition-sources. (Reuters) - Principal Financial Group Inc is in advanced talks to acquire Wells Fargo & Co's retirement plan services business, in a deal that could exceed $1 billion, people familiar with the matter said on Sunday. The bank's retirement plan services unit, which includes Wells' 401(k) savings accounts business, would expand a similar business of Principal Financial. If the negotiations are concluded successfully, a deal could be announced later this month, according to the sources, who spoke on condition of anonymity as the information is confidential. In 2018, Wells Fargo announced deals to sell 52 branches spread across Indiana, Michigan, Ohio and Wisconsin to Flagstar Bancorp Inc, as well as a $1.7 billion deal to offload its Puerto Rico auto finance business to the local unit of Popular Inc.