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CCF posts firm results
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November 24, 1999: 6:31 a.m. ET
French bank profits jump 40%; plays down ING bid speculation
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LONDON (CNNfn) - French bank CCF posted a 40 percent jump in its nine-month profit Wednesday, but played down suggestions that it may be the target of Dutch financial giant ING.
CCF, which specializes in retail and investment banking, reported a net profit of 323 million euros ($332.7 million) in the nine months ended Sept. 30. Operating profit climbed 26 percent to 651 million euros.
CCF's investment banking unit posted the strongest returns with a 38.8 percent rise in operating profit, while its retail division recorded a 14.4 percent rise.
CCF has been surrounded by takeover speculation in recent weeks. ING increased its stake in CCF to 19.2 percent in August from 16.6 percent, the French bank revealed Wednesday, and there's speculation it seeks to take full control. Insurer Swiss Life has a 14.6 percent stake while Belgium's KBC owns 18.2 percent.
However, CCF chairman Charles de Croisset played down any change in the bank's ownership. "We have a solid and balanced shareholder structure," he said. "We prefer our independence, but of course we are open to an association, a project which creates more value than CCF."
CCF shares climbed 2.1 percent to 119 euros in early trading in Paris. 
-- from staff and wire reports
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