Following its acquisition of AXA's asset management division, BNP Paribas has introduced a new strategic plan for the unit, targeting an approximate doubling of its pre-tax profit by 2030.

The Paris-based bank, which finalized the €5.1 billion (approximately $5.87 billion) purchase of the asset management business from insurer AXA last summer, is now focused on expanding the scale and profitability of this operation. The growth of the asset management business is expected to contribute to the bank's overarching goal of achieving a 13% return on tangible equity for the entire group by 2028, a key profitability metric.

On Tuesday, BNP Paribas stated that under this new plan, the pre-tax profit of its asset management division is projected to nearly double from last year's figure of €820 million by the year 2030.

The division, which oversees assets exceeding €1.6 trillion, ranks among the largest asset managers in Europe.

The bank indicated that an objective of achieving over 5% annual growth in assets under management during the plan's period will drive a compound annual revenue growth of approximately 4%. By 2030, the bank is targeting cumulative net inflows of around €350 billion.

Furthermore, revenue synergies are expected to contribute a €150 million boost to profits by 2029, while cost synergies are projected to add approximately €400 million in profit enhancement.