"BNP Paribas Personal Finance presented its strategic reflections to the social partners regarding the refocusing of its activities and the adaptation of its operating model," the bank said in an emailed statement.

Citing several people familiar with the matter, Bloomberg News earlier reported that the company is exploring ways to improve returns at the unit given profitability is expected to decrease into this year.

The lender could decide to sell portions of the division or start running down some of its loan books, the report said.

(Reporting by Jyoti Narayan in Bengaluru and Tassilo Hummel in Paris; Editing by Shounak Dasgupta and Jan Harvey)