ACQ OF CARD PORTFOLIO

HSBC Holdings PLC
24 October 2005

                              HSBC RETAIL SERVICES

                    ACQUIRES OFFICEMAX CREDIT CARD PORTFOLIO

HSBC Retail Credit USA and HSBC Bank Nevada, NA (HSBC Retail Services) have
reached an agreement to acquire the consumer and commercial credit receivables
of OfficeMax, a leading office supplies retailer in the United States.

HSBC is purchasing approximately US$81.6 million in receivables. Consumer
accounts and receivables are being purchased by HSBC Bank Nevada, NA and
commercial accounts and receivables are being purchased by HSBC Retail Credit
USA. The transaction is expected to close in the fourth quarter of 2005. HSBC is
paying a 4.5 per cent premium on the entire credit card portfolio.

"Our ability to provide customised business payment solutions allows our clients
to focus on building their business and sales, while offering their customers
flexible credit options," said Brian Zempel, managing director, HSBC business
solutions. "Our goal is to build a best-in-class financing programme with our
partners at OfficeMax."

"We're looking forward to providing our customers with world-class credit
products and are pleased to partner with HSBC," said Chris Duncan, director,
retail marketing for OfficeMax. "HSBC will help us improve our ability to meet
our customers' needs and ultimately help grow our business."

Notes to editors:

1. OfficeMax

OfficeMax is a leader in both business-to-business and retail office products
distribution. OfficeMax delivers an unparalleled customer experience - in
service, in product, in time savings and in value - through a relentless focus
on its customers. The company provides office supplies and paper, print and
document services, technology products and solutions, and furniture to large,
medium and small businesses and consumers. OfficeMax customers are served by
approximately 40,000 associates through direct sales, catalogues, internet and
approximately 950 superstores. OfficeMax trades on the New York Stock Exchange
under the symbol OMX. More information can be found at http://www.officemax.com
/.

2. HSBC Retail Services

HSBC Retail Services is a leading issuer of private label (merchant branded)
credit cards in the United States. The business provides flexible, customised
credit card solutions for the world's premier retailers and manufacturers and
has more than 60 active merchant relationships, including Best Buy, Levitz
Furniture and Saks Fifth Avenue. For more information, visit
www.hsbcretailservices.com.

HSBC Retail Services, with headquarters in Prospect Heights, Illinois, is a
subsidiary of HSBC North America Holdings, Inc., one of the top 10 financial
organisations in the United States with assets totalling more than US$300
billion. Both companies are wholly-owned subsidiaries of HSBC Holdings plc
(HSBC) which is headquartered in London and is the holding company of the HSBC
Group.

3. HSBC - North America Holdings, Inc.

HSBC - North America comprises all of HSBC's US and Canadian businesses,
including the former Household International businesses. The company's
businesses serve more than 60 million customers in five key areas: personal
financial services, consumer finance, commercial banking, private banking and
corporate, investment banking and markets. Financial products and services are
offered under the HSBC, HFC and Beneficial brands. For more information, visit:
www.hsbcusa.com.

4. HSBC Holdings plc

HSBC Holdings plc serves more than 110 million customers worldwide through more
than 9,700 offices in 77 countries and territories in Europe, the Asia-Pacific
region, the Americas, the Middle East and Africa. With assets of US$1,467
billion at 30 June 2005, HSBC is one of the world's largest banking and
financial services organisations. HSBC is marketed worldwide as 'the world's
local bank.'


                      This information is provided by RNS
            The company news service from the London Stock Exchange