Acquisition in Mexico

HSBC Holdings PLC
12 July 2004

GRUPO FINANCIERO HSBC, S.A. DE C.V. ANNOUNCES THE ACQUISITION OF ALLIANZ RENTAS
                                   VITALICIAS

Grupo Financiero HSBC S.A. de C.V., a Mexican subsidiary of HSBC Holdings plc,
will acquire Allianz Rentas Vitalicias, a subsidiary of Allianz of America and
Allianz Mexico for MxPs330 million pesos (US$29 million).

Allianz Rentas Vitalicias is a pension fund company created in 1997 following
the privatisiation of the Mexican state pension system. Most of its customers
currently receive annuities assigned through the nation's private sector social
security system.

The transaction, which is subject to regulatory approval, follows the
acquisition by HSBC Mexico of the Allianz pension fund company AFORE Allianz
Dresdner in August, 2003.

Notes to editors:

Grupo Financiero HSBC S.A. de C.V. is one of the five largest banking and
financial services institutions in Mexico. Grupo Financiero HSBC S.A. de C.V. is
a directly held, 99.76 per cent owned subsidiary of HSBC Holdings plc.

The HSBC Group

HSBC Holdings plc is headquartered in the UK. The HSBC Group serves over 110
million customers worldwide from more than 9,500 offices in 79 countries and
territories in Europe, the Asia-Pacific region, the Americas, the Middle East
and Africa. With assets of US$1,034 billion at 31 December 2003, HSBC is one of
the world's largest banking and financial services organisations. HSBC is
marketed worldwide as 'the world's local bank'.


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