UniCredit is working toward greater financial integration in Europe, a mandatory step if the bloc's economy is to close the huge gap with the United States.

CEO Andrea Orcel said this.

In a video message during a conference on Italian exports, Orcel said that larger and stronger European banks are needed to support the economy, and that individual countries cannot prosper on their own.

"By growing and strengthening our activities in key markets, we are helping to build a more integrated and competitive European financial services sector," he said.

Last month UniCredit acquired a stake in German rival Commerzbank.

"This is not just about growing and increasing our presence, but about creating value for all of Europe," he added.

(Translated by Enrico Sciacovelli, editing Gianluca Semeraro)