France's biggest lender says there are 'too many' European banks as UniCredit moves on Commerzbank

Published On Sep 26, 2024, 3:41 AM

BNP Paribas has pointed out that there are too many banks in Europe, hindering the region's competitiveness against U.S. and Asian banks. CFO Lars Machenil advocates for greater consolidation in the European banking sector, citing ongoing takeover activities, such as UniCredit's attempt to acquire Commerzbank. The suggestion is that to strengthen European banks, domestic mergers could be beneficial, although cross-border mergers face more challenges due to differing national regulations and market dynamics.