.A sign on the exterior of a BNP Paribas SA financial institution branch in Paris, France, on Friday, Aug. 2, 2024. Bloomberg|Bloomberg|Getty ImagesFrance's BNP Paribas on Thursday pointed out there are actually simply too many European finance companies for the location to become able to compete with rivals from the U.S. and Asia, requiring the production of additional homegrown heavyweight banking champions.Speaking to CNBC's Charlotte Splint at the Bank of United States Financials Chief Executive Officer Conference, BNP Paribas Main Financial Policeman Lars Machenil articulated his support for higher combination in Europe's banking sector.His remarks come as Italy's UniCredit ups the stake on its own evident takeover effort of Germany's Commerzbank, while Spain's BBVAu00c2 remains to actively seek its domestic competitor, u00c2 Banco Sabadell." If I would inquire you, the amount of banks are there in Europe, your right solution would be actually excessive," Machenil said." If we are extremely ragged in task, consequently the competition is actually certainly not the exact same trait as what you may observe in other areas. Thus ... you generally must obtain that debt consolidation and also receive that going," he added.Milan-based UniCredit has ratcheted up the tension on Frankfurt-based Commerzbank in current full weeks as it looks for to end up being the largest capitalist in Germany's second-largest finance company with a 21% stake.UniCredit, which took a 9% stakeu00c2 in Commerzbank earlier this month, seems to have captured German authorities off guard along with the prospective multibillion-euro merger.German Chancellor Olaf Scholz, that has actually previously asked for greater combination in Europe's financial field, is firmly resisted to the obvious takeover attempt. Scholz has actually supposedly defined UniCredit's move as an "unfriendly" as well as "hostile" attack.Germany's placement on UniCredit's swoop has actually caused some to implicate Berlin of preferring European financial assimilation merely on its own terms.Domestic consolidationBNP Paribas's Machenil stated that while residential unification will aid to support uncertainty in Europe's banking setting, cross-border assimilation was "still a little additional away," citing differing devices and also products.Asked whether this indicated he believed cross-border financial mergings in Europe seemed to one thing of a farfetched truth, Machenil responded: "It is actually two various things."" I presume the ones which reside in a nation, financially, they make sense, and they should, fiscally, happen," he carried on. "When you look at truly cross perimeter. Therefore, a financial institution that is actually located in one country simply and located in an additional country only, that economically doesn't make good sense due to the fact that there are actually no synergies." Earlier in the year, Spanish banking company BBVA stunned marketsu00c2 when it introduced an all-share requisition offer for domestic competing Banco Sabadell.The scalp of Banco Sabadell mentioned previously this month that it is actually very unexpected BBVA is going to be successful along with its multi-billion-euro aggressive proposal, News agency reported.u00c2 And yet, BBVA CEO Onur Genu00c3 u00a7 told CNBC on Wednesday that the takeover was "relocating according to planning." Spanish authorities, which have the electrical power to obstruct any kind of merger or achievement of a financial institution, have actually voiced their opposition to BBVA's unfavorable requisition bid, presenting likely hazardous results on the region's financial body.