.A sign on the outside of a BNP Paribas SA financial institution division in Paris, France, on Friday, Aug. 2, 2024. Bloomberg|Bloomberg|Getty ImagesFrance's BNP Paribas on Thursday claimed there are actually merely way too many European lenders for the region to become able to compete with opponents coming from the united state and Asia, requiring the production of additional organic heavyweight banking champions.Speaking to CNBC's Charlotte Splint at the Bank of United States Financials CEO Event, BNP Paribas Principal Financial Officer Lars Machenil voiced his support for greater assimilation in Europe's financial sector.His comments come as Italy's UniCredit ups the stake on its own obvious requisition effort of Germany's Commerzbank, while Spain's BBVAu00c2 continues to proactively pursue its domestic opponent, u00c2 Banco Sabadell." If I would certainly ask you, the amount of financial institutions exist in Europe, your right answer will be too many," Machenil claimed." If we are actually very fragmented in activity, as a result the competitors is certainly not the very same factor as what you might find in other locations. So ... you primarily must acquire that combination and receive that going," he added.Milan-based UniCredit has ratcheted up the tension on Frankfurt-based Commerzbank in latest weeks as it seeks to come to be the largest client in Germany's second-largest creditor with a 21% stake.UniCredit, which took a 9% stakeu00c2 in Commerzbank previously this month, appears to have recorded German authorities off guard along with the potential multibillion-euro merger.German Chancellor Olaf Scholz, who has actually formerly called for more significant integration in Europe's banking sector, is securely resisted to the noticeable takeover effort. Scholz has reportedly described UniCredit's move as an "unfriendly" and also "hostile" attack.Germany's posture on UniCredit's swoop has urged some to accuse Berlin of preferring European banking combination simply by itself terms.Domestic consolidationBNP Paribas's Machenil claimed that while domestic consolidation will aid to stabilize anxiety in Europe's financial atmosphere, cross-border assimilation was actually "still a bit more away," pointing out varying units and also products.Asked whether this indicated he believed cross-border banking mergings in Europe seemed to one thing of a strange reality, Machenil responded: "It's pair of different traits."" I believe the ones which remain in a country, financially, they make sense, and they should, fiscally, occur," he continued. "When you check out truly cross border. Thus, a bank that is actually located in one nation just as well as based in one more country merely, that fiscally doesn't make sense because there are no unities." Previously in the year, Spanish financial institution BBVA shocked marketsu00c2 when it introduced an all-share requisition provide for domestic rival Banco Sabadell.The head of Banco Sabadell said earlier this month that it is highly not likely BBVA is going to be successful with its multi-billion-euro hostile bid, News agency reported.u00c2 As well as yet, BBVA chief executive officer Onur Genu00c3 u00a7 informed CNBC on Wednesday that the requisition was actually "moving according to strategy." Spanish authorities, which have the electrical power to block out any kind of merger or even accomplishment of a banking company, have voiced their adversary to BBVA's aggressive takeover offer, presenting likely damaging impacts on the county's economic device.