CCF REPORTS 34.8 PCT PROFIT BOOST, SHARE SPLIT SEEN
Credit Commercial de France <CCFP.PA>
reported a parent company net profit up 34.8 pct to 140.1 mln
francs from 103.9 mln francs a few weeks before its
denationalisation around the end of this month.
    Official sources said the bank, France's sixth largest in
terms of its deposits and seventh in terms of its assets,

planned a share split to increase the number of shares on offer
ahead of the sale of 40 pct of its ordinary share capital to
the public, of 10 pct to staff and 20 pct abroad.
    Previously one of France's biggest private banks, it was
nationalised by the Socialists in 1982.
    The sources said it was too early to give details of the
planned split or of the share price, but cited April 27 as a
likely date for the flotation launch.
    So far 30 pct of the group's capital, currently at 10.33
mln shares of 100 francs nominal, has been offered for sale to
large private investors to constitute a solid core of eight to
ten shareholders before the flotation.
    The private tender offer closes on April 16, while a 12 mln
franc advertising campaign for the flotation begins on Sunday.
"The privatisation will be a way of attracting extra clients,"
CCF deputy director-general Rene de la Serre told Reuters.
    Market sources put the total value of CCF's privatisation
at between four and five billion francs.
    De la Serre said the bank was likely to attract at least
the same number of investors as <Sogenal>, another recently
privatised bank in which 850,000 people bought shares.
    The government's sweeping privatisation programme has also
included the sale of Saint-Gobain <SGEP.PA>, and Cie Financiere
de Paribas <PARI.PA>. The sale of <Banque du Batiment et des
Travaux Publics> and <Banque Industrielle et Mobiliere Privee>
should be completed this month, while third largest French bank
Societe Generale <SGEN.PA> will be privatised later this year.
 REUTER
