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France's BNP Paribas opens insurance subsidiary in Russia

MOSCOW, December 6 (RIA Novosti) - Cardif, an insurance division of leading French bank BNP Paribas, has registered a subsidiary in Russia to develop the group's insurance business, a spokeswoman for the group said on Thursday.

Yanina Baranovich said Cardif Russia is now expecting to receive a license from Russia's insurance regulator, but did not give an official date for the company's launch or details of its insurance services.

Cardif provides insurance to clients in 11 countries, including the United States, the European Union, and Asian and East European countries including Ukraine.

Today several subsidiaries of foreign insurers, including AIG, Allianz, Zurich and ING, operate in Russia.

France's BNP Paribas is a global provider of financial and banking services and is among the world's 15 largest banks in terms of market capitalization. In Russia, BNP Paribas is represented by its subsidiary Cetelem, which provides consumer lending.

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