.A join the outside of a BNP Paribas SA bank branch in Paris, France, on Friday, Aug. 2, 2024. Bloomberg|Bloomberg|Getty ImagesFrance's BNP Paribas on Thursday mentioned there are actually simply way too many European lenders for the location to be able to compete with opponents coming from the USA and Asia, requiring the production of even more homegrown heavyweight financial champions.Speaking to CNBC's Charlotte nc Splint at the Bank of America Financials CEO Event, BNP Paribas Chief Financial Police officer Lars Machenil voiced his support for better combination in Europe's banking sector.His remarks come as Italy's UniCredit ups the stake on its own apparent takeover attempt of Germany's Commerzbank, while Spain's BBVAu00c2 continues to actively pursue its domestic opponent, u00c2 Banco Sabadell." If I will ask you, how many financial institutions exist in Europe, your right answer would be too many," Machenil claimed." If our team are actually incredibly ragged in task, as a result the competition is actually not the very same point as what you might view in various other locations. Thus ... you generally need to obtain that debt consolidation as well as acquire that going," he added.Milan-based UniCredit has actually ratcheted up the pressure on Frankfurt-based Commerzbank in current full weeks as it looks for to end up being the most significant capitalist in Germany's second-largest loan provider along with a 21% stake.UniCredit, which took a 9% stakeu00c2 in Commerzbank previously this month, shows up to have actually captured German authorities unsuspecting with the potential multibillion-euro merger.German Chancellor Olaf Scholz, who has earlier asked for higher combination in Europe's banking sector, is securely opposed to the apparent takeover attempt. Scholz has actually apparently defined UniCredit's step as an "unfriendly" and also "dangerous" attack.Germany's placement on UniCredit's swoop has actually motivated some to implicate Berlin of favoring European financial combination only by itself terms.Domestic consolidationBNP Paribas's Machenil claimed that while residential consolidation will help to support unpredictability in Europe's financial setting, cross-border integration was "still a little more away," presenting contrasting systems and products.Asked whether this indicated he believed cross-border financial mergers in Europe showed up to one thing of a farfetched truth, Machenil answered: "It's two various things."" I believe the ones which remain in a nation, financially, they make sense, and they should, economically, happen," he continued. "When you check out actually ratty perimeter. Therefore, a financial institution that is actually located in one country just and also based in yet another nation merely, that economically does not make sense considering that there are no unities." Earlier in the year, Spanish bank BBVA stunned marketsu00c2 when it introduced an all-share takeover deal for domestic rival Banco Sabadell.The head of Banco Sabadell stated previously this month that it is actually strongly not likely BBVA is going to prosper with its multi-billion-euro aggressive quote, Wire service reported.u00c2 And also as yet, BBVA chief executive officer Onur Genu00c3 u00a7 informed CNBC on Wednesday that the takeover was "relocating according to strategy." Spanish authorizations, which have the electrical power to block any merger or even acquisition of a banking company, have actually articulated their adversary to BBVA's unfavorable requisition proposal, mentioning possibly hazardous results on the county's financial device.