The European banking system needs consolidation and "as time goes by, it will become more and more inevitable," the head of one of the largest banks in Europe told CNBC on Tuesday.
Often investors, policy-makers and other industry experts refer to fragmentation as one of the biggest hurdles to European banks. UBS chief Sergio Ermotti told CNBC that the issue is "not sustainable."
"That's something that as time goes by will become more and more inevitable, is part of the solutions. For sure consolidation needs to happen, in particular in Europe, where we see a lot of fragmentation that it is not sustainable," Ermotti told CNBC's Joumanna Bercetche.
He further added that technology will make the sector more "effective and more efficient."
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