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Cross border mergers among Europe's biggest banks are needed, European Central Bank President Christine Lagarde said on Monday just as Italy's UniCredit was looking to increase its stake and possibly take over Germany's Commerzbank.
"Cross borders mergers -- banks that can actually compete at a scale, at a depth and at range with other institutions around he world, including the American banks and the Chinese banks -- are in my opinion desirable," Lagarde told a Parliamentary hearing.
She added that her comments should not be takes as a direct intervention in any particular deal.
(Reporting by Balazs Koranyi; Editing by Toby Chopra)