France's biggest lender says there are 'too many' European banks as UniCredit moves on Commerzbank [MSNBC.com]
BNP PARIBAS SPONS ADR (BNPQY)
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Source: MSNBC.com
A sign on the exterior of a BNP Paribas SA bank branch in Paris, France, on Friday, Aug. 2, 2024.Bloomberg | Bloomberg | Getty ImagesFrance'sSpeaking to CNBC's Charlotte Reed at the Bank of America Financials CEO Conference, BNP Paribas Chief Financial Officer Lars Machenil voiced his support for greater integration in Europe's banking sector.His comments come as Italy'sUniCreditCommerzbankBBVABanco Sabadell"If we are very fragmented in activity, therefore the competition is not the same thing as what you might see in other regions. So ... you basically should get that consolidation and get that going," he added.Milan-based UniCredit hasratcheted up the pressure21% stakeUniCredit, which took a9% stakeGerman Chancellor Olaf Scholz, who has previously called for greater integration in Europe's banking sector, is firmly opposed to the apparent takeover attempt. Scholz has reportedly described UniCredit's move as an "unfriendly" and "hostile" attack.Germany's position on UniCredit's swoop
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