Acq of AMP NZ mortgage bus

HSBC Holdings PLC
14 April 2003

   HSBC TO ACQUIRE AMP BANK LIMITED'S NEW ZEALAND RETAIL MORTGAGE ASSETS AND
                                    DEPOSITS

HSBC has today agreed to purchase the New Zealand retail banking portfolio of
AMP Bank Limited for NZ$27 million (US$15 million). The purchase involves the
acquisition of approximately 25,000 customer accounts, including NZ$1.9 billion
of mortgages and, subject to transfer arrangements, NZ$390 million of deposits.

An agreement has also been reached with AMP to distribute HSBC's range of retail
banking products and services through AMP's advisor network in New Zealand.

The assets acquired include NZ$149 million in mortgages with mixed residential
and commercial characteristics, where the credit risk is retained by AMP. These
loans are subject to put and call options between HSBC and AMP.

Mr Stuart Davis, Chief Executive Officer of HSBC in Australasia, said: "The
acquisition of AMP's retail portfolio complements our growing retail franchise.
It substantially increases HSBC's mortgage and deposit business in New Zealand
and will enable us to accelerate our retail growth plans and deepen our product
offerings, providing an ideal springboard for future growth. This is an exciting
new phase for our business which significantly increases HSBC's distribution
capability in New Zealand and ensures that AMP customers will receive market
leading banking products."

This acquisition is consistent with HSBC's strategic growth plans for
Australasia and follows the acquisitions of NRMA Building Society and the
corporate banking and trade finance portfolio of State Street Bank in Australia.
HSBC will work closely with AMP to complete the sale and transfer of the
portfolios by 31 May 2003.

Notes to editors:

1. HSBC in Australia and New Zealand

In Australasia, the HSBC Group offers an extensive range of financial services
through a network of 46 branches and offices. These services include personal
and commercial financial services, trade finance, non-advisory stockbroking,
treasury and financial markets, funds management, investment advisory and
securities custody. The principal HSBC Group member operating in New Zealand is
The Hongkong and Shanghai Banking Corporation Limited.

2. The HSBC Group

Headquartered in London, HSBC operates through long-established businesses in
five regions: Europe, Hong Kong, the rest of Asia-Pacific, the Middle East and
Africa, North America and South America. With over 9,500 offices in 80 countries
and territories and assets of US$759 billion at 31 December 2002, the HSBC Group
is one of the world's largest banking and financial services organisations.

3. About AMP

AMP is an international financial services business, providing wealth management
products and services to around 8 million customers worldwide. Principal
activities include retirement savings, funds management, life insurance,
financial planning and banking services. AMP operates in about 20 markets around
the world with key markets in Australia, New Zealand and the UK. AMP has more
than 11,000 people worldwide and manages assets of around A$265 billion.


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