CCF Interim Results

HSBC Hldgs PLC
6 September 2000

The following is an English translation of a news release issued in French by
HSBC Holdings' subsidiary in France.

               CCF FIRST HALF 2000 RESULTS: HIGHLIGHTS

* A strong increase in revenues (up 13.3 per cent for the period to 30 June
  2000 to EUR1,363 million compared to the first half of 1999), especially in
  commission income.

* A sharp rise in consolidated net income for the group:
  up 30.4 per cent to EUR296 million compared to the first half of 1999. 
  This is consistent with the annual average increase in net income for the 
  first half of the year since 1996.

* All businesses contributed to strong growth in revenue and excellent results
  were seen in the retail network.

* A strong rise in annualized return on average shareholders' funds to 18.5
  per cent.

* Total consolidated balance sheet of EUR75.6 billion (up 9 per cent compared 
  to 1 January 2000).

* Tier one BIS ratio of 8.5 per cent, reflecting growth in risk-weighted 
  assets.

STRONG INCREASE IN NET INCOME FOR FIRST HALF 2000

The Board of Directors of CCF, chaired by Charles de Croisset, met on 5
September 2000 to review the group's parent company and consolidated accounts
for the period to 30 June 2000.

Despite a continued rise in interest rates and a weakening in the financial
markets, CCF continued to record sustained growth in all its business
activities, boosted by strong growth in the French economy.

Net banking income (NBI) rose 13.3 per cent over the first-half 1999 figure to
EUR1,362.6 million.  The  increase in operating expenses (to EUR830.7 million)
was inflated by the cost of developing certain activities and the impact of
provisions for variable compensation, although the operating ratio improved 
slightly to 61 per cent.  Gross operating profit rose 13.9 per cent over the
first-half 1999 figure to EUR531.9 million. Compared with the average half of
1999, the  increase in gross operating profit was sharply  higher, up 24.1 per
cent.

Net allocations to provisions came to EUR89.3 million, including a further
allocation to the Fund for General Banking Risk for Societe Marseillaise de
Credit.

After incorporation of extraordinary expenses, including costs associated 
with the HSBC offer, consolidated net income, after minority interests, came
to EUR296.4 million, an increase of 30.4 per cent over the figure for the
first half of 1999 (EUR227.3 million).

With group shareholders' equity of EUR3,275 million, annualized return on
equity and tier one capital reached 18.5 per cent and 8.5 per cent
respectively, reflecting a solid balance sheet and rigorous risk management.

Commenting on the figures, Charles de Croisset, CCF's Chairman, said: 'Once
again, CCF has posted a very strong balance sheet and excellent results. This
is a solid base and a very good starting point for us to become a main
platform in the Euro-zone for HSBC to expand in the region. We are now able to
offer more services to our clients.

'Our teams perform very well. They have demonstrated it once again.  They are 
capable of facing this new challenge to achieve our ambition.'

COMMENTARY ON BUSINESS TRENDS, BY BUSINESS LINE


RETAIL BANKING AND DISTRIBUTION

Against the background of an expanding economy, the commercial initiatives of
the CCF group's  retail  banking networks  proved effective with continued
strong growth in terms of volume. This commercial dynamism produced growth in
loan commitments  and outstandings of 15.7 per cent, the result in particular
of sustained demand  from  individual customers in the CCF network (+16 per
cent) as well as from the entire regional bank network (+17.9 per cent
excluding Societe Marseillaise de Credit).  A strong recovery  in investment
activity led to growth in corporate lending, both short and medium-term (+18.3
per cent for the CCF  network, and  +12.7  per  cent for the banking
subsidiaries network, excluding Societe Marseillaise de Credit). The build-up
of Elysees Factor also contributed to the strong increase in business
activity. Likewise, funds gathered remained very favourably oriented with a
further increase in average sight deposits (+15.3  per cent), a strong advance
in life insurance policies and a sharp jump in new funds under management.

Good performance in retail banking and distribution produced first-half 2000
NBI growth of 13.1 per cent over  the  first half  of 1999. It also resulted
in a good increase in retail network interest margins (+7.3  per  cent) and 
led to continued strong increases in banking and finance commissions (+20.6
per cent) which overall represented more than 43 per cent of NBI. Careful
expense control (+2.9  per cent) which included development costs for the CCF 
network and certain subsidiaries, as well as the Societe Marseillaise de 
Credit recovery, led to a very strong increase in gross operating profit
(+44.8 per cent) and to an even sharper increase in net income, boosted by 
very modest risk expense.

The growth in WeBroker operations, the on-line  brokerage service, was slowed 
by increased volatility in equity markets. On the other hand, the 15 May
opening of Netvalor's site '123credit.com' led to a fine breakthrough in the 
on-line consumer credit market. The launching costs of these two projects are
included in this year's expenses.

Finally, CCF acquired Banque Pelletier, well-established in the Dax region in
southwestern France, which, with  its 10,000 customers, will strengthen the
group's presence in the region.

INSTITUTIONAL AND CORPORATE CLIENTS

The first half of 2000 showed a strong increase in institutional and corporate
client-related  activity.  The merchant  bank CCF Charterhouse, comprising CCF
Securities and Charterhouse Securities, its equity brokerage subsidiaries,
profited from a healthy stream of business in buoyant financial markets
particularly in the first quarter. This illustrated the soundness of the
companies' business positions.

Efforts to optimise shareholders' equity allocated to these operations led to 
a strong recovery in investments,and therefore a sharp increase in income from
institutional and corporate client transactions. This was in addition to sharp
increases in lending with improved interest margins. These accomplishments
were achieved both in international branches as well as in France.

A  continued  rise in interest rates slightly affected the fixed-income and 
foreign exchange markets, but a strong increase in customer transactions in
foreign currency and derivative products helped maintain a satisfactory 
advance in revenues.

With the economic slowdown in Brazil, income generated by CCF Brasil was once
again down from exceptionally favourable first-half 1999 levels, although the
contribution to consolidated net income was in the region of 10 per cent.

Excluding the impact of CCF Brasil, NBI from Institutional and Corporate
Clients rose by 21.3 per cent over the  first half of 1999. The increase in
gross operating profit (+16.7 per cent over the first half of 1999) was
dampened slightly by increased staff and profit-related pay, particularly in
the Paris and London stock brokerage subsidiaries.

In light of the overlap with HSBC's London equities business, a decision was 
made to place Charterhouse Securities up for sale. The sale was agreed  with
ING and will be completed within the coming weeks. The transaction will result
in a significant capital gain for CCF, underlining the creation of value in
the company since its acquisition.

ASSET MANAGEMENT AND PRIVATE BANKING

In a volatile  financial market, assets under management mandate (excluding
double counting) rose 8 per cent in the first half of 2000 to EUR62 billion
(+18.2 per cent since 30 June 1999). Equity products played an increasingly
important role, representing 49 per cent of total assets under management at
30 June 2000.

More  than  50  per  cent of the increase in  assets under management were
derived from new funds. The success of high-margin equity and derivative
products led to a considerable increase in CCF Capital Management revenues.
Likewise, in a very  strong  small-caps market, Framlington increased its
assets under management by 30 per cent since beginning  of 2000 (+60 per cent
on last year, based on GBP figures). This was achieved through continued,
steady development of its specialty funds (Health  Fund, Net Net Fund), with a
resulting sharp increase  in  earnings. The favorable reception of the 'Clic 
actions' products strengthened Sinopia's assets under management.

CCF SEI Investment, a new asset management subsidiary, will soon open its 
doors, marketing a new 'manager of fund managers approach,' while Be-Partners,
a new service provider, will be operational by the end of 2000.

Private Banking customer assets rose 4 per cent to EUR18.6 billion since 1
January 2000 (+12 per cent  on  an  annual basis). On the strength of a rising
equities market, Eurofin and Banque du Louvre in France confirmed the quality
and effectiveness of their commercial approach, achieving excellent results.
Good performances were also recorded by foreign subsidiaries, such as CCF
Suisse.

Finally, Charterhouse Development Capital is continuing its programme of
investment for private equity funds, although it has not carried out
significant asset sales since the start of 2000.

The favorable environment for this business line made it possible for the 
asset management and private banking operations to continue to enjoy a very
strong increase in income (+32 per cent excluding Brazil and after elimination
of exceptional items) and in gross operating income (+23.2 per cent calculated
on the same basis) after absorption of the increase in new capacities
especially staff hired in 1999.

In July, CCF assumed the Societe du Louvre's investment in the Banque du
Louvre, increasing its stake to 85 per cent.

Key Figures
                              

in million euros    First Half       %    First Half        %         1999
                          2000                  1999                          
                                  
NET BANKING INCOME                                                            
Retail Banking           612.2     44.90      539.4       44.90     1,105.7
Institutional &  
Corporate Clients        374.6     27.50      353.5       29.40       684.4
Asset Management &        
Private Bank             245.1     18         180.6       15.00       370.3

Other                    130.7     9.60       128.9       10.70       240.7 
Total                  1,362.6     100       1,202.4       100      2,401.1
                                                                              
 
GROSS OPERATING PROFIT   531.9                466.8                     857
Income before tax        413.7                375.2                   709.7 
Income tax              (122.5)                (133)                  (234)
Net income                  291                 242                   475.7 
 Including minority   
          interest         5.4                (14.7)                 (26.5)
NET INCOME 
    (group share)         296.4               227.3                  449.2