BNP Paribas CFO calls for domestic European bank consolidation to improve competitiveness vs US and Asian banks.

BNP Paribas CFO Lars Machenil argues that Europe has an excess of banks, hindering its competitiveness against U.S. and Asian firms. He advocates for larger banking champions through domestic consolidation, as seen in UniCredit's stake increase in Commerzbank and BBVA's pursuit of Banco Sabadell. However, he notes that cross-border integration remains challenging due to differing systems and products, making it "still a bit further away."

September 26, 2024
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