Asia Fund Services

HSBC Holdings PLC
23 November 2005


                  HSBC TO BUY OUT ASIA FUND SERVICES FROM UOB
                                        
HSBC and United Overseas Bank (UOB) of Singapore have entered into an agreement
whereby HSBC will buy out UOB's stake in the two banks' 50:50 shareholder
services joint venture, Asia Fund Services Pte Ltd (AFS), for a consideration of
S$4.5 million (US$2.6 million).

Upon completion, AFS will be 100 per cent held by HSBC Institutional Trust
Services (BVI) Limited and renamed HSBC Securities Services (Transfer Agency)
Pte Limited. The transaction is subject to regulatory and other approvals, and
is expected to be completed by 30 November 2005.

AFS, which offers shareholder services in Singapore, was established in February
2004 as a joint venture between HSBC and UOB. Under the joint venture, the two
companies shared the cost of developing a new share registry service and
reporting system catering specifically to the needs of institutional fund
services clients in Singapore.

The decision for HSBC to fully own AFS was mutually agreed between HSBC and UOB.
Given the flexibility and effectiveness of the new share registry software, HSBC
intends to roll out the system globally to all its fund administration clients.
UOB will continue to use AFS services after it is transferred to full HSBC
ownership.

Nick Bryan, Head HSBC Securities Services, Asia Pacific, said: "We have great
confidence in the shareholder services software that has been developed by Asia
Fund Services. The improved functionality, flexibility and efficiency of the
system allow HSBC to unify its shareholder services globally. Full ownership of
Asia Fund Services will enable us to accelerate the transfer of clients to the
enhanced platform in a seamless and efficient manner."

HSBC's share registry service is part of the Institutional Fund Services
business, which has 700 staff in 11 Asian countries.




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