UPDATE 1-CNP pledges 590 mln euros for Barclays insurance JV

* CNP to pay 140 million euros upfront

* To pay 450 million euros over 12 yrs dependent on results

(Adds detail)

LONDON/PARIS, June 25 (Reuters) - French insurer CNP Assurances (CNPP.PA) is to pay Barclays Plc (BARC.L) up to 590 million euros ($822 million) to help the British bank build out a southern Europe insurance joint venture.

CNP said on Thursday it will pay Barclays 140 million euros in cash to buy a 50 percent stake in Barclays Vida y Pensiones Compania de Seguros (BVP), which sells life insurance in Spain, Portugal and Italy.

CNP will pay Barclays up to another 450 million euros over the next 12 years, which the British bank said it will reinvest in building out the joint venture.

The joint venture aims to sell CNP's insurance products through Barclays's branch network and the two sides will also enter a 25-year distribution agreement. CNP's payments will depend on volume, margin and branch openings.

Barclays said it now has over 1,000 distribution points in the three countries, up from 600 at the start of 2007. (Reporting by Steve Slater; Editing by Dan Lalor) ($1 = 0.7177 euro)