.An enroll the outside of a BNP Paribas SA bank division in Paris, France, on Friday, Aug. 2, 2024. Bloomberg|Bloomberg|Getty ImagesFrance's BNP Paribas on Thursday pointed out there are just excessive European loan providers for the location to be capable to compete with competitors coming from the U.S. and Asia, requiring the development of more organic heavyweight financial champions.Speaking to CNBC's Charlotte nc Reed at the Bank of United States Financials CEO Conference, BNP Paribas Chief Financial Officer Lars Machenil articulated his support for greater assimilation in Europe's banking sector.His comments happen as Italy's UniCredit ups the ante on its noticeable requisition try of Germany's Commerzbank, while Spain's BBVAu00c2 remains to actively pursue its own residential opponent, u00c2 Banco Sabadell." If I will inquire you, the amount of banking companies exist in Europe, your right solution will be actually too many," Machenil stated." If our company are actually extremely fragmented in task, for that reason the competition is certainly not the same thing as what you might see in other locations. Thus ... you primarily should get that consolidation and also get that going," he added.Milan-based UniCredit has actually ratcheted up the pressure on Frankfurt-based Commerzbank in latest weeks as it finds to end up being the most significant financier in Germany's second-largest finance company with a 21% stake.UniCredit, which took a 9% stakeu00c2 in Commerzbank previously this month, appears to have actually captured German authorities off guard along with the possible multibillion-euro merger.German Chancellor Olaf Scholz, that has actually earlier required higher assimilation in Europe's banking industry, is actually securely resisted to the obvious takeover try. Scholz has apparently illustrated UniCredit's technique as an "antagonistic" as well as "hostile" attack.Germany's setting on UniCredit's swoop has actually triggered some to accuse Berlin of preferring European financial integration only on its own terms.Domestic consolidationBNP Paribas's Machenil stated that while domestic consolidation would aid to maintain anxiety in Europe's banking setting, cross-border combination was "still a little more away," citing differing bodies as well as products.Asked whether this suggested he believed cross-border financial mergers in Europe appeared to one thing of a bizarre reality, Machenil responded: "It's two various points."" I assume the ones which reside in a nation, financially, they make sense, and also they should, economically, occur," he continued. "When you take a look at actually cross boundary. Thus, a financial institution that is located in one nation simply and also based in one more nation only, that economically does not make sense due to the fact that there are actually no unities." Earlier in the year, Spanish financial institution BBVA stunned marketsu00c2 when it introduced an all-share requisition offer for domestic rivalrous Banco Sabadell.The scalp of Banco Sabadell said previously this month that it is actually extremely extremely unlikely BBVA will definitely be successful with its own multi-billion-euro aggressive proposal, News agency reported.u00c2 As well as yet, BBVA CEO Onur Genu00c3 u00a7 said to CNBC on Wednesday that the requisition was actually "relocating according to plan." Spanish authorities, which have the energy to block any sort of merging or achievement of a banking company, have articulated their opponent to BBVA's dangerous takeover proposal, citing likely harmful impacts on the region's financial system.