November 14, 2017 / 12:29 PM / a year ago

CORRECTED-BNP Paribas' insurance arm Cardif extends partnership with Volkswagen

(Corrects to say previous partnership with Volkswagen included 12 countries, not just Germany)

PARIS, Nov 14 (Reuters) - BNP Paribas’ insurance unit Cardif said it had extended its partnership with German carmaker Volkswagen to offer protection on auto and personal loans, as well as leasing contracts in 16 counties.

The previous partnership with Volkswagen Financial Services worked for 12 countries and the new agreement would add to that Russia, Portugal, Norway and South Korea, according to a BNP Paribas Cardif spokeswoman.

BNP Paribas sees Cardif as one of its growth engines, at a time when retail banking in Europe has been suffering from a low interest rate environment.

Cardif had gross written premiums of 27.1 billion euros ($31.8 billion) in 2016, 57 percent of which was generated outside France.

$1 = 0.8527 euros Reporting by Maya Nikolaeva; Editing by Sudip Kar-Gupta

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