BNP plans 3-year buying spree

France's biggest bank plans to spend billions on acquisitions to boost earnings

PARIS, France -- BNP Paribas plans to continue its acquisition spree as part of a three-year plan to lift profits and consolidate its operations.

France's largest bank said on Tuesday it will spend between 5 billion and 9 billion euros ($4.6-8.28 billion) by 2005 on acquisitions, most likely in Europe.

At the same time, BNP hopes to increase its revenue by an annual rate of more than 10 percent. The bank also said it expects earnings per share to increase to 6.75 euros by 2005, up 45 percent from the 4.64 euros posted in 2001.

BNP has been busy in recent years buying up other French banks as well as U.S. companies.

It purchased Paribas in 1999, and last year bought United California Bank and BancWest Corp., which is also based in California. Last month, it bought UK investment trust administrator Cogent and German Internet broker ConSors Discount Broker.

BNP said on Tuesday it also wants to beef up its retail and asset management businesses, with the goal of having the two divisions represent more than 60 percent of the group's total operations by 2005.

BNP shares were down 0.5 percent to 59.90 euros in early trading on Tuesday in Paris. The bank's stock reached and all-time high of 61.90 euros last week.