.A sign on the outdoor 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 pointed out there are just way too many European financial institutions for the region to be able to take on competitors coming from the U.S. and also Asia, requiring the creation of more domestic big-time financial champions.Speaking to CNBC's Charlotte nc Reed at the Banking Company of America Financials Chief Executive Officer Association, BNP Paribas Principal Financial Officer Lars Machenil voiced his help for more significant integration in Europe's banking sector.His reviews come as Italy's UniCredit ups the stake on its noticeable requisition effort of Germany's Commerzbank, while Spain's BBVAu00c2 continues to definitely pursue its domestic competitor, u00c2 Banco Sabadell." If I will ask you, how many financial institutions are there in Europe, your right answer will be actually way too many," Machenil claimed." If we are actually quite broken in activity, as a result the competition is certainly not the same point as what you could see in other areas. So ... you basically need to obtain that loan consolidation and also acquire that going," he added.Milan-based UniCredit has actually ratcheted up the tension on Frankfurt-based Commerzbank in current full weeks as it finds to come to be the biggest financier in Germany's second-largest lender with a 21% stake.UniCredit, which took a 9% stakeu00c2 in Commerzbank earlier this month, shows up to have caught German authorities off guard with the prospective multibillion-euro merger.German Chancellor Olaf Scholz, who has actually formerly asked for more significant combination in Europe's financial market, is firmly resisted to the evident takeover try. Scholz has apparently described UniCredit's action as an "antagonistic" and also "unfavorable" attack.Germany's setting on UniCredit's swoop has actually prompted some to charge Berlin of choosing International banking assimilation just by itself terms.Domestic consolidationBNP Paribas's Machenil mentioned that while domestic debt consolidation would aid to maintain unpredictability in Europe's banking atmosphere, cross-border assimilation was actually "still a bit more away," citing differing units and products.Asked whether this meant he strongly believed cross-border financial mergers in Europe appeared to something of an unlikely truth, Machenil responded: "It is actually pair of various traits."" I think the ones which are in a country, economically, they make good sense, and also they should, financially, happen," he continued. "When you take a look at truly ratty perimeter. Therefore, a financial institution that is actually located in one nation only and based in yet another country just, that economically doesn't make sense considering that there are no synergies." Previously in the year, Spanish bank BBVA stunned marketsu00c2 when it introduced an all-share requisition deal for residential competing Banco Sabadell.The scalp of Banco Sabadell said previously this month that it is actually very unlikely BBVA will do well along with its multi-billion-euro unfavorable quote, Wire service reported.u00c2 And also yet, BBVA CEO Onur Genu00c3 u00a7 informed CNBC on Wednesday that the requisition was actually "moving depending on to program." Spanish authorities, which possess the energy to shut out any type of merging or acquisition of a banking company, have actually articulated their opponent to BBVA's unfavorable requisition bid, citing potentially unsafe effects on the area's economic device.