.A join the exterior of a BNP Paribas SA bank division in Paris, France, on Friday, Aug. 2, 2024. Bloomberg|Bloomberg|Getty ImagesFrance's BNP Paribas on Thursday said there are actually just too many European financial institutions for the region to be able to compete with opponents from the united state and Asia, asking for the development of additional native heavyweight banking champions.Speaking to CNBC's Charlotte nc Reed at the Financial Institution of America Financials CEO Conference, BNP Paribas Principal Financial Policeman Lars Machenil articulated his support for better combination in Europe's banking sector.His opinions come as Italy's UniCredit ups the ante on its evident takeover try of Germany's Commerzbank, while Spain's BBVAu00c2 continues to actively pursue its domestic rival, u00c2 Banco Sabadell." If I would certainly inquire you, the number of financial institutions are there in Europe, your right response will be actually way too many," Machenil claimed." If we are actually quite ragged in activity, as a result the competitors is actually not the same trait as what you may observe in other locations. Thus ... you generally should acquire that debt consolidation as well as receive that going," he added.Milan-based UniCredit has actually ratcheted up the stress on Frankfurt-based Commerzbank in current weeks as it finds to become the largest client in Germany's second-largest lending institution along with a 21% stake.UniCredit, which took a 9% stakeu00c2 in Commerzbank previously this month, shows up to have captured German authorizations off-guard along with the potential multibillion-euro merger.German Chancellor Olaf Scholz, that has earlier asked for greater assimilation in Europe's banking field, is strongly resisted to the obvious requisition try. Scholz has actually supposedly illustrated UniCredit's action as an "antagonistic" as well as "unfavorable" attack.Germany's position on UniCredit's swoop has prompted some to charge Berlin of choosing European financial assimilation only by itself terms.Domestic consolidationBNP Paribas's Machenil mentioned that while domestic consolidation would aid to support unpredictability in Europe's banking atmosphere, cross-border assimilation was actually "still a little more away," pointing out varying units and also products.Asked whether this indicated he felt cross-border banking mergings in Europe showed up to one thing of an unrealistic truth, Machenil responded: "It is actually two different points."" I believe the ones which reside in a nation, financially, they make good sense, and they should, financially, happen," he proceeded. "When you examine really cross perimeter. Therefore, a banking company that is based in one country simply and also based in an additional nation simply, that economically doesn't make sense since there are no synergies." Previously in the year, Spanish bank BBVA shocked marketsu00c2 when it launched an all-share takeover deal for domestic rival Banco Sabadell.The scalp of Banco Sabadell stated previously this month that it is highly unexpected BBVA is going to succeed with its own multi-billion-euro aggressive offer, Reuters reported.u00c2 And yet, BBVA chief executive officer Onur Genu00c3 u00a7 said to CNBC on Wednesday that the takeover was "moving according to strategy." Spanish authorizations, which have the energy to block any sort of merging or even accomplishment of a bank, have articulated their opposition to BBVA's hostile takeover offer, pointing out possibly damaging effects on the area's monetary device.