.An enroll 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 stated there are actually just way too many European finance companies for the location to be capable to compete with competitors coming from the united state and also Asia, asking for the production of more homegrown heavyweight financial champions.Speaking to CNBC's Charlotte Reed at the Financial Institution of The United States Financials CEO Event, BNP Paribas Main Financial Police officer Lars Machenil voiced his support for higher integration in Europe's financial sector.His comments come as Italy's UniCredit ups the ante on its apparent requisition try of Germany's Commerzbank, while Spain's BBVAu00c2 continues to actively pursue its own domestic competitor, u00c2 Banco Sabadell." If I would ask you, the number of banking companies are there in Europe, your right answer would be way too many," Machenil claimed." If our experts are actually very fragmented in task, consequently the competitors is not the same point as what you could view in other regions. Thus ... you basically should obtain that unification and obtain that going," he added.Milan-based UniCredit has ratcheted up the stress on Frankfurt-based Commerzbank in recent weeks as it finds to come to be the most significant real estate investor in Germany's second-largest finance company along with a 21% stake.UniCredit, which took a 9% stakeu00c2 in Commerzbank earlier this month, shows up to have captured German authorizations off guard along with the potential multibillion-euro merger.German Chancellor Olaf Scholz, that has actually formerly asked for more significant assimilation in Europe's financial sector, is actually firmly resisted to the noticeable takeover effort. Scholz has reportedly described UniCredit's relocation as an "antagonistic" and "unfavorable" attack.Germany's posture on UniCredit's swoop has actually prompted some to indict Berlin of preferring European financial combination just by itself terms.Domestic consolidationBNP Paribas's Machenil claimed that while domestic consolidation will help to maintain unpredictability in Europe's banking setting, cross-border combination was actually "still a bit more away," presenting contrasting systems as well as products.Asked whether this meant he felt cross-border financial mergers in Europe appeared to something of a farfetched fact, Machenil responded: "It is actually 2 different points."" I presume the ones which are in a country, economically, they make sense, as well as they should, fiscally, occur," he proceeded. "When you look at actually ratty boundary. Therefore, a banking company that is actually based in one country merely and located in one more country just, that economically doesn't make good sense considering that there are actually no harmonies." Previously in the year, Spanish financial institution BBVA surprised marketsu00c2 when it introduced an all-share takeover offer for residential competing Banco Sabadell.The scalp of Banco Sabadell said previously this month that it is actually highly extremely unlikely BBVA will be successful with its multi-billion-euro hostile offer, Wire service reported.u00c2 As well as yet, BBVA chief executive officer Onur Genu00c3 u00a7 informed CNBC on Wednesday that the takeover was "moving depending on to planning." Spanish authorities, which have the energy to block out any type of merging or achievement of a bank, have voiced their adversary to BBVA's hostile requisition bid, mentioning likely dangerous effects on the region's monetary system.