.An enroll the exterior of a BNP Paribas SA banking company division in Paris, France, on Friday, Aug. 2, 2024. Bloomberg|Bloomberg|Getty ImagesFrance's BNP Paribas on Thursday mentioned there are simply too many International lenders for the region to become able to compete with competitors from the U.S. and Asia, asking for the production of additional domestic heavyweight banking champions.Speaking to CNBC's Charlotte nc Reed at the Bank of America Financials Chief Executive Officer Event, BNP Paribas Principal Financial Officer Lars Machenil articulated his support for better combination in Europe's banking sector.His comments come as Italy's UniCredit ups the ante on its own evident requisition attempt of Germany's Commerzbank, while Spain's BBVAu00c2 continues to definitely seek its own residential rival, u00c2 Banco Sabadell." If I would certainly inquire you, the amount of banks are there in Europe, your right solution would certainly be too many," Machenil pointed out." If our company are actually very broken in activity, consequently the competitors is actually not the very same trait as what you could observe in other regions. Thus ... you generally need to receive that debt consolidation as well as get that going," he added.Milan-based UniCredit has ratcheted up the pressure on Frankfurt-based Commerzbank in recent weeks as it seeks to end up being the greatest entrepreneur in Germany's second-largest creditor along with a 21% stake.UniCredit, which took a 9% stakeu00c2 in Commerzbank previously this month, appears to have recorded German authorities unsuspecting along with the potential multibillion-euro merger.German Chancellor Olaf Scholz, that has actually previously required greater combination in Europe's banking industry, is actually firmly opposed to the obvious requisition attempt. Scholz has apparently illustrated UniCredit's action as an "unfriendly" as well as "unfavorable" attack.Germany's posture on UniCredit's swoop has actually triggered some to indict Berlin of choosing International banking combination only on its own terms.Domestic consolidationBNP Paribas's Machenil stated that while domestic debt consolidation would assist to maintain unpredictability in Europe's financial atmosphere, cross-border assimilation was "still a little further away," citing contrasting devices and products.Asked whether this indicated he thought cross-border financial mergers in Europe showed up to one thing of a bizarre fact, Machenil answered: "It is actually 2 different points."" I assume the ones which remain in a nation, financially, they make good sense, and they should, economically, take place," he proceeded. "When you check out really cross boundary. Therefore, a bank that is actually based in one nation merely and also based in one more country only, that fiscally doesn't make good sense because there are actually no synergies." Previously in the year, Spanish banking company BBVA stunned marketsu00c2 when it released an all-share requisition promotion for domestic competing Banco Sabadell.The head of Banco Sabadell stated earlier this month that it is actually strongly extremely unlikely BBVA will certainly prosper along with its multi-billion-euro dangerous offer, Reuters reported.u00c2 And yet, BBVA CEO Onur Genu00c3 u00a7 informed CNBC on Wednesday that the takeover was "relocating according to planning." Spanish authorizations, which possess the energy to block out any type of merger or acquisition of a bank, have articulated their adversary to BBVA's unfavorable takeover bid, citing potentially hazardous impacts on the area's monetary unit.