BNP Paribas CEO sees low-growth outlook for Europe

BNP is launching a plan to cut costs across its business and to grow in Asia and the US as a way of offsetting Europe's weakness.

Although the aim is to rethink BNP's business model, there will be no big change to business lines and acquisitions are not on the agenda, Jean-Laurent Bonnafe said.

"We see a low-growth scenario in Europe," said Bonnafe. "For the time being, (an acquisition) is not part of the game."