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January 20, 2022updated 28 Jul 2022 5:16am

Volkswagen FS signs joint venture with BNP Paribas Cardif subsidiary

By Chris Lemmon

Volkswagen Financial Services has established a joint venture with French-based Icare SA, a subsidiary of BNP Paribas Cardif, which specialises in warranties and maintenance.

As part of the agreement, Icare will provide maintenance solutions across Europe, with the main focus being on vehicle brands outside of the Volkswagen Group.

“As part of our growth strategy, we have set ourselves the goal of becoming the world’s leading fleet provider. This can only be achieved by expanding our multi-brand capability since many fleet customers use different makes of vehicles within their fleets,” said Anthony Bandmann, member of the management board of Volkswagen Financial Services with responsibility for sales and marketing.

Volkswagen Financial Services hold 51% of the shares in the joint venture company and the BNP Paribas Cardif subsidiary Icare SA holds 49%. The establishment of the joint venture is still subject to approval by the antitrust authorities. Both parties have agreed not to disclose the amount of the investment.

The market launch will take place in France. In addition to the new joint venture, Volkswagen Financial Services and BNP Paribas Cardif have announced the renewal of their partnership agreement for providing insurance solutions in 16 countries globally.

Jean Bertrand Laroche, BNP Paribas Cardif deputy chief executive officer, international markets, said: “As a partner of Volkswagen Financial Services around the world for more than 20 years, we are proud to further pursue our cooperation. We will continue to make insurance more accessible for customers thanks to products that are easier to purchase, coupled with an optimized digital experience.

“Our partnership takes on a new dimension with the establishment of our new joint venture which will provide maintenance solutions to Volkswagen Financial Services customers throughout Europe.”

The expansion of the fleet business is of strategic importance for Volkswagen Financial Services. As part of their structural realignment in Europe, which is geared towards sales channels, a separate fleet channel was also created in order to be even more effective in serving international fleet customers in particular.

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