BNP Paribas CFO Lars Machenil suggests European bank consolidation to improve competitiveness against U.S. and Asian institutions.

BNP Paribas CFO Lars Machenil argues that Europe has an excess of banks, hindering its competitiveness against U.S. and Asian institutions. He advocates for increased domestic consolidation, as seen with UniCredit's stake in Commerzbank and BBVA's pursuit of Banco Sabadell. However, Machenil notes that cross-border integration is challenging due to differing systems and products, making it a longer-term goal.

September 26, 2024
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