UPDATE 1-Genting says not planning bid for UK's Rank

(Adds detail, share price)

KUALA LUMPUR/LONDON, April 3 (Reuters) - Malaysian gaming and leisure group Genting (GENT.KL) denied on Thursday newspaper reports that it planned to bid for Rank Group (RNK.L), sending shares in the British bingo and casino company sharply lower.

"We wish to inform that Genting Bhd has no intention to make any general offer for the shares of Rank Group contrary to the speculative news reports," Genting said in a brief statement.

News that Rank's finance director had quit and issues at privately equity-owned rival Gala Coral also sparked worries about current trading.

Shares in Rank were down 9.8 percent at 90 pence at 1345 GMT, valuing the company at 342 million pounds ($679.5 million),

"People have been speculating but it's clearly not happening at the moment as this must rule Genting out for six months," said one analyst who did not want to be named.

Having built its 11 percent stake from scratch over the last few months, Genting is Rank's biggest shareholder.

"I still think there is a chance of a breakup involving a number of parties and maybe with Genting as part of a consortium," he added.

News that Rank's finance director was quitting also hit its shares.

Peter Gill, brother of Manchester United Chief Executive David Gill, will stay at the firm until June to ease in his replacement Paddy Gallagher, who moves in from hotel IT firm Quadriga.

"Although we don't believe there has been any deterioration in trading, you combine this news with news about Gala refinancing then it sets a few alarm bells ringing," said Investec analyst Matthew Gerard. (Reporting by Mark Bendeich and Marc Jones; Editing by Niluksi Koswanage and Sue Thomas)